TIDMBOD
RNS Number : 4799T
Botswana Diamonds PLC
15 November 2019
15 November 2019
Botswana Diamonds PLC
("Botswana Diamonds" or the "Company")
Annual Results for the Year Ended 30 June 2019
Botswana Diamonds plc (AIM: BOD) today announces its audited
annual results for the year ended 30 June 2019.
Chairman's Statement
Botswana Diamonds has become a diamond miner. Our project on the
Marsfontein gravels has begun production and we expect it to ramp
up in the coming weeks.
The general business environment is currently very uncertain.
International trade faces restrictions, and the European Union is
facing the first exit of a member state. Chinese growth rates which
have under-pinned global economic growth are weak while in the
United States the economic expansion which has lasted a record
length of time is now looking fragile. Zero or negative interest
rates are becoming more prevalent. This economic oddity is causing
severe stress in banking and among economic/political policy
makers.
Gem-quality diamonds are purely a "luxury item". In the last
year prices have been weak due more to economic uncertainty than an
increase in supply. Laboratory-grown diamonds (LGD) have received a
great deal of publicity and though they make up a tiny percentage
of gem sales the impact on sentiment has been very negative.
Rough diamond prices have generally fallen as have the share
prices of diamond producers and explorers. Yet the long term
fundamentals of the industry are solid. A "diamond is forever", but
diamond mines are not. As an economy grows, a growing number of
individuals generate significant disposable income and the demand
for jewellery grows in turn. Producing diamond mines are running
out or are producing at higher costs as they access deeper
levels.
Asian economies are showing the fastest increase in diamond
consumption. There is a long way to go until the latent demand in
these markets is satisfied. There are not enough gemstone quality
diamonds to provide a diamond ring for half of the population of
China and India. Remarkably, the United States has continued to be
an engine of growth for jewellery. Almost 50% of all diamond
jewellery is purchased in the US. The technology behind LGD is
improving and bigger stones can now be grown.
We believe that giving a gift of a diamond is more than a gift
of a piece of carbon. LGD while perfect are not the "real thing".
The Mona Lisa can be reproduced by the best painters in the world
but it will not be the Mona Lisa. A 2,500 million year old diamond
which came from 180 kilometres down in the earth's mantle is not
the same as the stone grown in a sterile factory in Europe or
China.
Turning to operations, the political situation in each of the
three countries where we operate has improved. Fresh democratic
elections in Botswana have led to continuity and stability. There
is a slow improvement in the investment attractiveness of South
Africa. In Zimbabwe there are glimmers of hope. Botswana Diamonds
has made significant strides in the period under review. Delays in
our projects in Botswana caused a redirection of focus onto the
properties held in South Africa by our associate company
Vutomi.
Initial focus was on the Thorny River, kimberlite dyke system
which hosted former mines Klipspringer and Marsfontein. Both mines
were discovered on the dyke system in the area. Dykes are often
narrow, maybe a metre or less. A blow is where the dyke balloons
out to a size capable of being mined as a conventional open pit.
The Marsfontein blow was such a rich source of diamonds that the
CAPEX was recovered in less than 4 days.
Vutomi explored the Thorny River dykes which are 4 kilometres
away from the Klipspringer mine and processing plant. Exploration
exposed a dyke system over seven kilometres long.
We negotiated both a contract mining agreement and a contract
processing agreement. Vutomi would receive a 12% royalty. The
Klipspringer processing plant struggled to process fresh kimberlite
in a satisfactory manner and was losing diamonds to the waste dumps
so we suspended operation. Meanwhile work was ongoing on a license
over the nearby Marsfontein gravels. A mining permit was obtained
in September 2019. Once again contract mining and processing is
being employed, this time on a 15% royalty. Two plants are
processing the gravels and initial results are positive. Throughput
is being increased to 400 tons of gravel per day. At the same time
there is ongoing exploration on the Thorny River dyke system
looking for blows. State of the art structural geophysical and
geochemical techniques are being employed to identify targets.
Early results are promising.
The objective of the Thorny River / Marsfontein Project is to
produce a cash flow to fund exploration in South Africa, Botswana
and Zimbabwe but as we have developed the projects we believe that
a real prospect now exists to identify one or more blows on Thorny
River which could be very rich in high quality diamonds.
While the focus of activities is in South Africa we have
continued to develop our interests in Botswana. We hold eight
prospecting licenses in Botswana with applications lodged for a
further six. We also hold a 15% net interest in the Maibwe joint
venture in the Southern Kalahari. Our interest is held through a
51% owned South African company, Siseko Minerals.
Other partners in Maibwe are BCL 51% and Future Minerals 20%.
BCL is a large state-owned copper nickel company which is in
liquidation. Future Minerals is a locally owned Botswana company.
Diamonds were discovered on the Maibwe licences. The operator, BCL,
was placed into liquidation prior to them completing the agreed
exploration programme. Botswana Diamonds has made an offer to the
liquidator to buy the BCL holding. We are told that the Botswana
government wants more work done on the licenses before making a
decision.
Work done by Botswana Diamonds on their 100% owned licences
contract continues to be focused on the Central Kalahari Game
Reserve (CKGR).
Extensive geophysical and geochemical analysis was conducted in
2017 and 2018 which led to the identification of high priority
targets. Interest was shown by third parties to participate in the
exploration of these targets. Agreement was reached with one large
diamond producer but that has not come to fruition. In the view of
the board it is unlikely to be finalised. Alternatives are being
considered.
We also have interests in Zimbabwe. The Marange area of Zimbabwe
has in recent years produced large quantities of diamonds. The
geology is complex and the rocks very hard. Botswana Diamonds
directors have extensive experience in mining in Zimbabwe and were
pleased to agree a joint venture with Vast Resources, an AIM-traded
company, over a concession in the Marange area. We will have 13.3%
of the joint venture and will provide technical and geological
input to Vast. Vast agreed to provide the first US$1 million to the
project in the form of loan. We understand that Vast are hopeful
that a final agreement with the Zimbabwe authorities is
imminent.
Outlook
There are four strands to our strategy for the future:
1. Ramp up the Marsfontein gravel production to generate
immediate cash flow.
2. Restore production at Thorny River whilst exploring for blows
on the ground.
3. Undertake reconnaissance work on the licenses in the Central
Kalahari to identify specific drill targets and then drill them
whilst continuing to work with the BCL liquidator to unlock the
Maibwe project.
4. Assuming Vast Resources obtain the concession in the Marange
area of Zimbabwe, to start work most probably with a pilot
production plant.
Very significant strides have been taken by Botswana Diamonds in
recent times. I am confident that the results from the efforts will
flow to the shareholders.
John Teeling
Chairman
14 November 2019
Annual Report and Notice of Annual General Meeting
The Company's Annual Report and Accounts for the year ended 30
June 2019 (the "Annual Report") will be posted to shareholders on
or around 19 November 2019.
A Notice of the Company's Annual General Meeting ("AGM") will be
included in the Annual Report, which will also be available to
download from the Company's website:
http://www.botswanadiamonds.co.uk/investors
The AGM is due to be held on Thursday 12(th) December 2019 in
the London Marriott Marble Arch Hotel, 134 George Street,
Marylebone, London W1H 5DN at 11am.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014. The person who arranged
for the release of this announcement on behalf of the Company was
John Teeling, Director
S
Enquiries:
Botswana Diamonds PLC
John Teeling, Chairman +353 1 833 2833
James Campbell, Managing Director +27 83 457 3724
Jim Finn, Director +353 1 833 2833
Beaumont Cornish - Nominated Adviser
Michael Cornish
Roland Cornish +44 (0) 020 7628 3396
Beaumont Cornish Limited - Broker
Roland Cornish
Felicity Geidt +44 (0) 207 628 3396
Blytheweigh - PR +44 (0) 20 7138 3206
Megan Ray +44 (0) 207 138 3222
Fergus Cowan +44 (0) 207 138 3208
Teneo
Luke Hogg +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
www.botswanadiamonds.co.uk
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEARED 30
JUNE 2019
2019 2018
GBP GBP
Administrative expenses (336,965) (376,883)
Impairment of exploration and evaluation assets (435,139) (179,524)
OPERATING LOSS (772,104) (556,407)
(Loss)/gain due to fair value volatility - (1,250)
LOSS FOR THE YEAR BEFORE TAXATION (772,104) (557,657)
Income tax expense - -
LOSS AFTER TAXATION (772,104) (557,657)
Items that may be reclassified subsequently to profit or loss
Exchange difference on translation of foreign operations (132,947) (72,352)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (905,051) (630,009)
Loss per share - basic (0.14p) (0.12p)
Loss per share - diluted (0.14p) (0.12p)
CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2019
30/06/2019 30/06/2018
GBP GBP
ASSETS:
NON CURRENT ASSETS
Intangible assets 8,035,152 8,234,076
Financial assets - -
8,035,152 8,234,076
CURRENT ASSETS
Other receivables 40,229 24,886
Cash and cash equivalents 13,812 260,642
54,041 285,528
TOTAL ASSETS 8,089,193 8,519,604
LIABILITIES:
CURRENT LIABILITIES
Trade and other payables (397,787) (300,098)
TOTAL LIABILITIES (397,787) (300,098)
NET ASSETS 7,691,406 8,219,506
EQUITY
Called-up share capital - deferred shares 1,796,157 1,796,157
Called-up share capital - ordinary shares 1,441,388 1,273,206
Share premium 10,300,379 10,098,561
Share based payment reserves 111,189 104,238
Retained deficit (4,841,473) (4,069,369)
Translation reserve (132,947) -
Other reserve (983,287) (983,287)
TOTAL EQUITY 7,691,406 8,219,506
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 30
JUNE 2019
Share
Called-up Based
Share Share Payment Retained Translation Other
Capital Premium Reserve Deficit Reserve Reserves Total
GBP GBP GBP GBP GBP GBP GBP
At 30 June 2017 2,745,064 9,085,128 97,287 (3,511,712)
72,352 (983,287) 7,504,832
Share based payment - - 6,951 - - - 6,951
Issue of shares 324,299 1,046,278 - - - - 1,370,577
Share issue expenses - (32,845) - - - - (32,845)
Loss for the year and
total comprehensive income - - -
(557,657) (72,352) - (630,009)
At 30 June 2018 3,069,363 10,098,561 104,238 (4,069,369)
- (983,287) 8,219,506
Share based payment - - 6,951 - - - 6,951
Issue of shares 168,182 201,818 - - - - 370,000
Loss for the year and
total comprehensive income - - - (772,104) (132,947) -
(905,051)
At 30 June 2019 3,237,545 10,300,379 111,189 (4,841,473)
(132,947) (983,287) 7,691,406
Share Premium
The share premium reserve comprises of a premium arising on the
issue of shares. Share issue expenses are deducted against the
share premium reserve when incurred.
Share Based Payment Reserve
The share based payment reserve arises on the grant of share
options under the share option plan.
Retained Deficit
Retained deficit comprises of losses incurred in the current and
prior years.
Translation Reserve
The translation reserve arises from the translation of foreign
operations.
Other Reserves
During 2010 the Company acquired certain assets and liabilities
from African Diamonds plc, a Company under common control. The
assets and liabilities acquired were recognised at their book value
and no goodwill was recognised on acquisition. The difference
between the book value of the assets acquired and the purchase
consideration was recognised directly in reserves.
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEARED 30 JUNE 2019
30/06/2019 30/06/2018
GBP GBP
CASH FLOW FROM OPERATING ACTIVITIES
Loss for the year (772,104) (557,657)
Loss/(Profit) on investment held at fair value - 1,250
Foreign exchange losses (131,699) (68,359)
Impairment of exploration and evaluation assets 435,139 179,524
(468,664) (445,242)
MOVEMENTS IN WORKING CAPITAL
Increase/(Decrease) in trade and other payables 82,689 (144,386)
(Increase)/Decrease in trade and other receivables (15,343) 35,736
NET CASH FROM OPERATING ACTIVITIES (401,318) (553,892)
CASH FLOW FROM INVESTING ACTIVITIES
Additions to exploration and evaluation assets (214,264) (625,393)
NET CASH USED IN INVESTING ACTIVITIES (615,582) (625,393)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from share issue 370,000 1,370,577
Share issue costs - (32,845)
NET CASH GENERATED FROM FINANCING ACTIVITIES 370,000 1,337,732
NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS (245,582) 158,447
Cash and cash equivalents at beginning of the financial year 260,642 106,188
Effect of foreign exchange rate changes (1,248) (3,993)
Cash and cash equivalents at end of the
financial YEAR 13,812 260,642
1. ACCOUNTING POLICIES
The accounting policies and methods of computation followed in
these financial statements are consistent with those published in
the Group's Annual Report for the year ended 30 June 2018.
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs). The financial
statements have also been prepared in accordance with International
Financial Reporting Standards (IFRSs) issued by the International
Accounting Standards Board (IASB) and International Financial
Reporting Interpretations Committee (IFRIC) as adopted by the
European Union.
The financial information set out below does not constitute the
Group's financial statements for the year ended 30 June 2019 or 30
June 2018, but is derived from those accounts. The financial
statements for the year ended 30 June 2018 have been delivered to
the Registrar of Companies and those for the year ended 30 June
2019 will be delivered following the Group's Annual General
Meeting.
The auditors have reported on the 2019 statements; their report
was unqualified with an emphasis of matter in respect of
considering the adequacy of the disclosures made in the financial
statements concerning the valuation of intangible assets, and did
not contain a statement under section 498(2) or 498(3) of the
Companies Act 2006.
2. GOING CONCERN
The Group incurred a loss for the year of GBP905,051 after
exchange differences on retranslation of foreign operations (2018:
GBP630,009) and had a retained deficit of GBP4,841,473 (2018:
GBP4,069,369) at the balance sheet date. These conditions represent
a material uncertainty that may cast doubt on the Group's ability
to continue as a going concern.
The directors have prepared cashflow projections and forecasts
for a period of not less than 12 months from the date of this
report which indicate that the group will require additional
finance to fund working capital requirements and develop existing
projects. On 18 July 2019 the Group raised GBP250,000 by placing
50,000,000 new ordinary shares. Further details are outlined in
Note 7.
As in previous years the Directors have given careful
consideration to the appropriateness of the going concern basis in
the preparation of the financial statements and believe the going
concern basis is appropriate for these financial statements. The
financial statements do not include any adjustments that would
result if the Group was unable to continue as a going concern.
3. LOSS PER SHARE
Basic loss per share is computed by dividing the loss after
taxation for the year available to ordinary shareholders by the
weighted average number of ordinary shares in issue and ranking for
dividend during the year. Diluted earnings per share is computed by
dividing the profit or loss after taxation for the year by the
weighted average number of ordinary shares in issue, adjusted for
the effect of all dilutive potential ordinary shares that were
outstanding during the year.
The following table sets forth the computation for basic and
diluted earnings per share (EPS):
2019 2018
GBP GBP
Numerator
For basic and diluted EPS retained loss (772,104) (557,657)
============ ============
Denominator No. No.
For basic and diluted EPS 537,481,761 470,397,102
============ ============
Basic EPS (0.14p) (0.12p)
Diluted EPS (0.14p) (0.12p)
============ ------------
The following potential ordinary shares are anti-dilutive and
are therefore excluded from the weighted average number of shares
for the purposes of the diluted earnings per share:
No. No.
Share options 11,410,000 10,410,000
=========== ===========
4. INTANGIBLE ASSETS
Exploration and evaluation assets:
2019 2018
GBP GBP
Cost:
At 1 July 9,063,021 8,415,677
Additions 369,161 647,344
Exchange variance (132,946) -
------------ ------------
At 30 June 9,299,236 9,063,021
============ ============
Impairment:
At 1 July 828,945 649,421
Allowance for impairment 435,139 179,524
------------ ------------
At 30 June 1,264,084 828,945
============ ============
Carrying Value:
At 1 July 8,234,076 7,766,256
============ ============
At 30 June 8,035,152 8,234,076
============ ============
Segmental analysis 2019 2018
GBP GBP
Botswana 7,056,591 7,463,973
South Africa 978,561 770,103
------------ ------------
8,035,152 8,234,076
============ ============
Exploration and evaluation assets relate to expenditure incurred
in exploration for diamonds in Botswana and South Africa. The
directors are aware that by its nature there is an inherent
uncertainty in exploration and evaluation assets and therefore
inherent uncertainty in relation to the carrying value of
capitalized exploration and evaluation assets.
During the current year, some licences held by the Group in its
subsidiary company Sunland Minerals (Pty) Ltd were relinquished.
Therefore, the directors have decided to impair the costs of
exploration on these licences. Accordingly, an impairment allowance
of GBP435,139 (2018: GBP179,524) has been recorded by the Group in
the current year.
On 11 November 2014 the Brightstone block was farmed out to BCL
Investments (Proprietary) Limited, a Botswana Company, who assumed
responsibility for the work programme. Botswana Diamonds will
retain a 15% carried interest.
On 6 February 2017 the Group entered into an Option and Earn-In
Agreement with Vutomi Mining Pty Ltd and Razorbill Properties 12
Pty Ltd (collectively known as 'Vutomi'), a private diamond
exploration and development firm in South Africa.
Pursuant to the terms of the Agreement, Botswana Diamonds has
agreed to pay Vutomi a total of GBP942,000 in cash, of which
GBP581,000 will be used to fund exploration activities. In
addition, the Company will issue 100 million ordinary shares of
0.25p each ("Ordinary Shares") to Vutomi shareholders. The
Agreement will be executed in three Phases after which the Company
will own 72% of Vutomi. The remaining 28% will continue to be held
by Vutomi's Black Economic Empowerment ('BEE') partners. The three
Phases are summarised below:
Exclusivity and Option Fee
Botswana Diamonds paid Vutomi an exclusivity and option fee of
GBP122,000, with GBP61,000 paid in cash and GBP61,000 paid in the
Company's Ordinary Shares at a price of 1.9p. The shares were
issued on 3 April 2017. Upon completion of this payment Phase 1 of
the earn-in commenced.
Phase 1
Phase 1 will last for a further 12 months, during which period
the Company will, subject to available funding, have the option to
pay Vutomi GBP215,000 to fund exploration activities to earn an
initial 15% of Vutomi. During Phase 1 Vutomi will grant the Company
the sole and exclusive right to fund exploration activities in, on
and under the Vutomi Prospecting Rights Area in order to prepare a
conceptual mining and development plan. The required mining permits
are in place.
Phase 2
Phase 2 will last for a further 12 months, during which period
the Company will, subject to available funding, have the option to
pay Vutomi GBP366,000 to fund exploration activities to earn an
additional 25% of Vutomi. It is noted that phase 2 of the earn-in
occurred on the 02 April 2019.
Phase 3
Phase 3 will commence within 90 days of the successful
completion of Phase 2. Pursuant to the Agreement, the Company will
have the option to issue the outstanding balance of 96.8m Ordinary
Shares, priced at Volume Weighted Average Price (VWAP), to Vutomi
and, subject to available funding, settle Vutomi's shareholders
loan accounts of approximately GBP300,000 in cash to earn a further
32% of Vutomi.
In accordance with the extension agreement obtained, phase 3 of
the earn-in agreement has been extended to 31 December 2019.
Termination
At any point the Agreement will lapse if the Company does not
exercise its option regarding a specific Phase.
The directors believe that there were no facts or circumstances
indicating that the carrying value of intangible assets may exceed
their recoverable amount and thus no impairment review was deemed
necessary by the directors. The realisation of these intangible
assets is dependent on the successful discovery and development of
economic diamond resources and the ability of the Group to raise
sufficient finance to develop the projects. It is subject to a
number of significant potential risks, as set out below:
- licence obligations;
- exchange rate risks;
- uncertainties over development and operational costs;
- political and legal risks, including arrangements with
governments for licenses, profit sharing and taxation;
- foreign investment risks including increases in taxes,
royalties and renegotiation of contracts;
- title to assets;
- financial risk management;
- going concern; and
- operational and environmental risks.
Included in additions for the year are GBP6,951 (2018: GBP6,951)
of share based payments, GBP15,754 (2018: GBP15,516) of wages and
salaries and GBP74,620 (2018: GBP75,443) of directors remuneration.
The remaining balance pertains to the amounts capitalised to the
respective licenses held by the entity.
5. CALLED-UP SHARE CAPITAL
Deferred Shares
Number Share Capital Share Premium
GBP GBP
At 1 July 2017 and 2018 239,487,648 1,796,157 -
At 30 June 2018 and 2019 239,487,648 1,796,157 -
Ordinary Shares
Allotted, called-up and fully paid:
Number Share Capital Share Premium
GBP GBP
At 1 July 2017 379,562,908 948,907 9,085,128
Issued during the year 129,719,600 324,299 1,046,278
Share issue expenses - - (32,845)
At 30 June 2018 509,282,508 1,273,206 10,098,561
Issued during the year 67,272,727 168,182 201,818
At 30 June 2019 576,555,235 1,441,388 10,300,379
Movements in share capital
On 3 August 2017, the Company raised GBP603,000 through the
issue of 48,240,000 new ordinary shares of 0.25p each at a price of
1.25p per share to provide additional working capital and fund
development costs. In addition, 31,244,300 warrants were also
exercised at a price of 0.85p per warrant for GBP265,577.
On 20 December 2017, 235,300 warrants were exercised at a price
of 0.85p per warrant for GBP2,000.
On 14 February 2018, the Company raised GBP500,000 through the
issue of 50,000,000 new ordinary shares of 0.25p each at a price of
1p per share to provide additional working capital and fund
development costs.
On 28 January 2019, the Company raised GBP370,000 through the
issue of 67,272,727 new ordinary shares of 0.25p each at a price of
0.55p per share to provide additional working capital and fund
development costs. Each placing share has one warrant attached with
the right to subscribe for one new ordinary share at 0.6p per share
for a period of two years from 23 January 2019.
6. SHARE-BASED PAYMENTS
The Group issues equity-settled share-based payments to certain
directors and individuals who have performed services for the
Group. Equity-settled share-based payments are measured at fair
value at the date of grant.
Fair value is measured by use of a Black-Scholes valuation
model.
The Group plan provides for a grant price equal to the average
quoted market price of the ordinary shares on the date of
grant.
2019 2018
Weighted Weighted
average average
30/06/2019 exercise price 30/06/2018 exercise price
Options in pence Options in pence
Outstanding at beginning of year 11,410,000 5.14 11,410,000
5.14
Issued - - - -
Outstanding at end of the year 11,410,000 5.14 11,410,000
5,14
Exercisable at end of the year 11,410,000 5.14 10,410,000
5.14
During the year ended 30 June 2017, 3,000,000 options were
granted with a fair value of GBP20,853. These fair values were
calculated using the Black-Scholes valuation model. These options
vested over a 3 year period contingent on the provision of services
over the vesting period and are capitalized on a straight line
basis over the vesting period.
The inputs into the Black-Scholes valuation model were as
follows:
Grant 30 November 2016
Weighted average share price at date of grant (in pence)
1.75p
Weighted average exercise price (in pence) 1.75p
Expected volatility 37.8%
Expected life 7 years
Risk free rate 0.5%
Expected dividends none
Expected volatility was determined by management based on their
cumulative experience of the movement in share prices over a period
of 3 years.
The terms of the options granted do not contain any market
conditions within the meaning of IFRS 2.
The Group capitalised expenses of GBP6,951 (2018: GBP6,951) and
expensed costs of GBPNil (2018: GBP Nil) relating to equity-settled
share-based payment transactions during the year.
Warrants 2019 2018
Weighted Weighted
average average
30/06/2019 exercise price 30/06/2018 exercise price
Options in pence Options in pence
Outstanding at beginning of year 28,298,700 0.85 59,778,300
0.85
Issued 67,272,727 0.60
Exercised - (31,479,600) 0.85
Expired (28,298,700) (0.85) - -
Outstanding at end of the year 67,272,727 0.60 28,298,700
0.85
During the current year 28,298,700 warrants that were granted on
22 December 2015 expired.
As part of the placing on 28 January 2019, the Company issued
67,272,727 warrants to each subscriber of the placing shares. Each
placing share has one warrant attached with the right to subscribe
for one new ordinary share at 0.6p per share for a period of two
years from 23 January 2019.
7. POST BALANCE SHEET EVENTS
On 18 July 2019, the Company announced that they had raised
GBP250,000 via the placing of 50,000,000 new ordinary shares with
new and existing investors at a price of 0.5p per share.
8. GENERAL INFORMATION
The Annual Report and Accounts will be mailed shortly only to
those shareholders who have elected to receive it. Otherwise,
shareholders will be notified that the Annual Report and Accounts
will be available on the website at www.botswanadiamonds.co.uk.
Copies of The Annual Report will also be available for collection
from the company's registered office at Suite 1, 3(rd) Floor, 11-12
St. James's Square, London, SW1Y 4LB
9. ANNUAL GENERAL MEETING
The Annual General Meeting is due to be held on Thursday 12(th)
December 2019 in the London Marriott Marble Arch Hotel, 134 George
Street, Marylebone, London W1H 5DN at 11am. A Notice of the Annual
General Meeting is included in the Company's Annual Report.
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END
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