Botswana Diamonds raises capital for expansion and working capital needs

To finance its exploration projects in Botswana and to raise additional working capital, Botswana Diamonds has conditionally raised cash proceeds worth US$880,573, reports say. For this the company issued 21.6 million new ordinary shares plus two warrants per new share. Together it forms a unit priced at 2.5 pence per unit, reports add. It has also paid up liabilities worth US$326,138, to its directors, by issuing shares at the same price of 2.5 pence per unit.

The company altogether has issued 29.6 million new shares and 59.2 million warrants. The warrants each have the right to subscribe for one new ordinary share for six months, reports add.