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Botswana Diamonds plc is a diamond exploration and project development company that holds exploration licences in Botswana, early-stage diamond licence applications in certain areas of Zimbabwe and Cameroon. In addition, the company has an interest in exploration licenses in the Democratic Republic of Congo as well as a minority...Read more
Botswana Diamonds raises £1.5 million as exploration progressesFebruary 17 2012, 7:48am
First results from the exploration in Botswana are due in the third quarter of this year and the company said today it hopes they will identify large anomalies in the hard-to-explore north east of the country.
In Cameroon, a second stage exploration programme is about to start on previously identified palaeoplacer conglomerates to confirm whether they contain diamonds.
A larger bulk sample is scheduled for later in the year to identify diamond grade and quality.
In Zimbabwe a small bulk sample is planned for a two hectare kimberlite previously identified by Rio Tinto and known to contain diamonds. “When and if mining licences are obtained on Chimanimani and Marange in Zimbabwe, Botswana Diamonds will immediately mobilise,” it added.
The placing and direct subscription to raise the £1.51 million was priced at 4p per share, an 11 per cent discount to yesterday’s close.
John Teeling, Bostwana Diamond’s chairman, said the fund raising had received strong support, which was a vote of confidence in the company’s strategy.
He is subscribing for 4.175 million of the 37.75 million new shares to be issued, while fellow director James Finn is taking up 1.675 million.
After the placing and subscription, Teeling will own 9.89 per cent of the company and Finn 3.59 per cent.