Botswana Diamonds PLC (LON:BOD) has raised £500,000 through a placing at 1.5p per share, leaving it fully funded for its exploration plans over the remainder of this year.
Money raised from the placing, which represents approximately 9.9% of the enlarged share capital, will pay for its share of exploration in Botswana being undertaken currently by joint venture partner Alrosa.
John Teeling, Botswana's chairman, said: "We have a very active ongoing drilling, sampling and geophysics programme on our ground in Botswana.
“We expect this work to continue through the rest of 2016."
Russian firm Alrosa is the world’s largest diamond producer and the joint venture is exploring at Orapa and Gope in Botswana.