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Botswana Diamonds Raises $722K for Orapa Project

May 8, 2016 10:47 AM   By Rapaport News
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RAPAPORT... Botswana Diamonds sold shares for $721,500 (GBP 500,000) to fund ongoing diamond exploration at its joint project with ALROSA and for additional working capital.

The company placed 33.3 million ordinary shares, or 9.9 percent of its share capital, with new and existing investors at $0.02 (GBP 0.015) per unit.

The company is now fully funded for its ongoing drilling, sampling and geophysics program at a site in the Orapa region of Botswana, said John Teeling, chairman of Botswana Diamonds.

Botswana Diamonds, which is listed on the London Stock Exchange’s Alternative Investment Market, and Russia-based miner ALROSA started their exploration project in March after unveiling the 50:50 joint venture in 2013.
Tags: Alrosa, Botswana, Botswana Diamonds, exploration, mining, Orapa, Rapaport News
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