Dublin-based Botswana Diamonds raises €278,000

Diamond sales from South African licence expected by fourth quarter

Botswana Diamonds has licences in South Africa and Botswana. Photograph: iStock

Botswana Diamonds has licences in South Africa and Botswana. Photograph: iStock

 

Botswana Diamonds has raised £250,000 (€278,000) having placed 50 million shares with both new and existing investors.

The Dublin-based company said the funding, which involves shares being placed at 5p each, would be used to continue diamond exploration efforts in Botswana and for general working capital purposes.

Founded by executive chairman John Teeling, the former owner of Cooley Distillery, the Irish company has licences in both Botswana and South Africa.

New shares

The new shares, which represent about 7.98 per cent of the company’s issued share capital, will rank pari passu with the company’s existing ordinary shares and it’s expected they’ll be admitted to trading on or around July 28th.

Aside from advancing exploration in Botswana, the funds will be used to progress sampling at the Thorny River licence in South Africa. It will also bring resources from Marsfontein – an extension of the Thorny River licence – into production with diamond sales expected by the fourth quarter of this year.