Last checked at 3 Aug 2017 07:15
3rd August 2017
Botswana Diamonds PLC
("Botswana Diamonds" or the "Company")
v Directors and Existing Irish Shareholders Subscribe £868,000 in Fundraising
v Funds to be Used to Bring Vutomi Project to Inferred Resource
Botswana Diamonds is also pleased to announce that pursuant to the receipt of a conversion notices from holders of 31,244,300 warrants, it has today issued 31,244,300 ordinary shares of 0.25p each ("Ordinary Shares") at the exercise price of 0.85 pence per new share ("New Share(s)") for a total of £265,576. Of this the directors are subscribing £124,000.
Following the announcement released earlier today in relation to the placing of 43,440,000 shares to raise £543,000 Botswana Diamonds is pleased to announce that John Teeling, James Finn and David Horgan have subscribed for 2,400,000, 1,200,000 and 1,200,000 new ordinary shares respectively at 1.25p per share to raise £60,000.
As a result the company has now raised £868,576 by the issue of 79,484,300 new ordinary shares.
Certain directors and connected persons are subscribing for Placing Shares, as set out in the table below:
Director | Shareholding prior to the placing | Number of Placing Shares | Shareholding following the placing | % of enlarged share capital | |
Cash subscription | Exercise of warrants | ||||
John Teeling | 44,154,868 | 2,400,000* | 7,529,450** | 54,084,318 | 11.78 |
James Finn | 19,147,689 | 1,200,000 | 4,705,950 | 25,053,639 | 5.46 |
David Horgan | 12,231,034 | 1,200,000 | 2,352,950 | 15,783,984 | 3.44 |
4,800,000 | 14,588,350 | ||||
*Includes 1,200,000 Placing Shares subscribed for by Mrs Deirdre Teeling
**Includes 1,000,000 warrants exercised by Mrs Deirdre Teeling.
Application has been made for the New Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM and it is expected that this will take place on or around 9th August 2017 ("Admission").
Following the Admission of the 36,044,300 New Shares, Botswana Diamonds will have 459,047,208 Ordinary Shares in issue which will also represent the total number of voting rights in the Company. The above figure should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
Use of Proceeds
The proceeds raised will be used to bring the Frischgewaagt project to Inferred Resource status and to continue our Botswana exploration activities.
John Teeling, Chairman, commented "Botswana Diamonds has exciting projects. We are happy to invest in them."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
ENDS
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) 203 903 7725 |
Blytheweigh | +44 (0) 207 138 3204 |
Camilla Horsfall | +44 (0) 781 784 1793 |
Nick Elwes | +44 (0) 783 185 1855 |
Teneo PSG | |
Ciaran Flynn | +353 (0) 1 661 4055 |
Alan Tyrrell | +353 (0) 1 661 4055 |
www.botswanadiamonds.co.uk