Botswana raises €560,000 in new share placing

London-listed Botswana Diamonds has raised £500,000 through a share placing to fund the company's ongoing diamond exploration in South Africa and Botswana.

The 50,000,000 new ordinary shares, which represent almost 10 per cent of the company’s issued share capital, were placed with new and existing investors at 1p per share.

The net proceeds of the placing will also give the company additional working capital.

In a statement to the stock exchange, Botswana said an application for the new shares to be admitted to trading on the AIM would be made and was expected to become effective around the end of the month.

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Once the shares have been admitted, there will be a total of 509,282,508 ordinary shares in issue , each with one vote.

Founded by executive chairman John Teeling, the Irish company earlier this week said it was starting another phase of work to identify drill targets in a joint venture in the Central Kalahari Game Reserve.