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(Alliance News) - Botswana Diamonds PLC on Monday said it intends to raise GBP250,000 through a share placing.
Shares in the diamond miner were untraded on Tuesday morning in London, last quoted at 0.68p each. It has a market capitalisation of GBP4.2 million.
Botswana Diamonds will issue 41.7 million shares at 0.6 pence per share to fund ongoing exploration activities in Botswana, Zimbabwe and South Africa as well as to provide additional working capital for the company.
The company - which is registered in Ireland - is currently exploring the Marange diamond fields in Zimbabwe in collaboration with Vast Resources PLC.
Botswana Diamonds also is exploring the Maibwe diamonds prospects in Botswana and the Thorny River diamond dyke project in South Africa.
Following admission of the placing shares, Botswana Diamond's share capital will comprise of 669.2 million shares.
By Ife Taiwo; ifetaiwo@alliancenews.com
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