The Board of Botswana Diamonds (AIM: BOD) says it has undertaken a company-arranged placing with existing and new investors to raise £550,000 via the issue of 55,000,000 new ordinary shares (the “Placing Shares”) at a placing price of 1p per Placing Share (the “Placing Price”). Each Placing Share has one warrant attached with the right to subscribe for one new ordinary share at 2p per new ordinary share for a period of three years from 25 October 2021 (the “Placing Warrants”), being the expected date of the Placing Warrants issue.
The Board has arranged the Placing within the existing share authorities approved by shareholders at the last Annual General Meeting. The Placing Shares will rank pari passu with the Company’s existing ordinary shares. Application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that such admission will become effective on or around 5 November 2021.
The funds raised will be used to fund exploration activities during the current year in Botswana and South Africa, which remain ongoing, and to provide additional working capital for the Company.
Total Voting Rights
In conformity with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority (“FCA”), the Company announces the following:
Following the issue of the Placing Shares, there will be a total of 847,721,902 ordinary shares of 0.25p each in issue with each ordinary share carrying the right to one vote (“Ordinary Shares”). The Company does not hold any Ordinary Shares in Treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights is 847,721,902. The above figure may 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.