Diamond exploration company Botswana Diamonds has raised £1.51 million (€1.82  million) to help back its projects in Botswana, Cameroon and Zimbabwe.

The funds were raised through a share placing and direct subscription scheme.

First results in Botswana are expected in the third quarter, while a second stage exploration programme is about to begin in Cameroon. The company is also working on a small bulk sampling of a two hectare kimberlite, known to contain diamonds, in Zimbabwe.

"The strong support we have received for the placing is a further vote of confidence in Botswana Diamonds' strategy," said chairman John Teeling. He increased his share in the company to 9.89 per cent, subscribing to 4,175,000 shares in the funding round.

"The proceeds of the fundraising will enable the company to continue its exploration programme in conjunction with its partner in Botswana where first results will come through in Q3, in Cameroon where first results are due mid-year and in Zimbabwe where sampling is on-going," he said.