Botswana Diamonds PLC Placing to Fund Drilling (8435X)
27 February 2017 - 6:00PM
UK Regulatory
TIDMBOD
RNS Number : 8435X
Botswana Diamonds PLC
27 February 2017
27(th) February 2017
Botswana Diamonds PLC
("Botswana Diamonds" or the "Company")
Placing to Fund Drilling
The Board of Botswana Diamonds (AIM: BOD) are pleased to
announce that the Company has raised GBP525,000 (before expenses)
via the placing of 35,000,000 new ordinary shares (the "Placing
Shares") with new and existing investors at a price of 1.5p per
Placing Share (the "Placing").
The net proceeds of the Placing will be used to fund ongoing
kimberlite drilling at the Frischgewaagt property in South Africa,
drilling in Botswana, exploration work in South Africa and in the
first stage of the 2017 Alrosa/Botswana Diamonds exploration
programme in the Orapa and Gope areas of Botswana.
The Placing Shares represent approximately 9.37% of the
Company's issued share capital as enlarged by the Placing. The
Placing shares will rank pari passu with the Company's existing
ordinary shares of 0.25p each ("Ordinary Shares"). Application will
be made for the Placing Shares to be admitted to trading on AIM
("Admission") and it is expected that such Admission will become
effective on or around 2(nd) March 2017.
Following the Admission of the Placing Shares, there will be a
total of 373,411,181 Ordinary Shares in issue with each share
carrying the right of one vote. The above figure may be used by the
Company's shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or change to their interest in, the Company under the
FCA's Disclosure and Transparency Rules.
John Teeling, Chairman, commented "Our exploration activities
are gaining momentum. We are drilling at Frischgewaagt, our late
stage exploration property in South Africa and we will start
drilling in Botswana imminently. The Alrosa team will also commence
their fieldwork in early March. The two drilling programmes will be
completed by the end of March, after which we anticipate a period
of six to eight weeks' analysis. The finance raised will fund these
programmes and I look forward to providing our shareholders with
further updates as appropriate."
ENDS
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
Enquiries:
Botswana Diamonds PLC
John Teeling, Chairman +353 1 833 2833
James Campbell, Managing
Director +27 83 457 3724
Jim Finn, Director
Northland Capital Partners
Limited
David Hignell/Gerry Beaney
(Corporate Finance) +44 (0) 203 861 6625
John Howes (Broking)
Dowgate Capital Stockbrokers
Limited
Jason Robertson +44 (0) 129 351 7744
Blytheweigh +44 (0) 207 138 3204
Camilla Horsfall +44 (0) 781 784 1793
Nick Elwes +44 (0) 7831 851 855
Rachael Brooks
Jonathan Garfield
PSG Plus
Colm Heatley +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
www.botswanadiamonds.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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