Botswana Diamonds PLC £868,000 Fundraising Update (9615M)

TIDMBOD

RNS Number : 9615M

Botswana Diamonds PLC

03 August 2017

3(rd) August 2017

Botswana Diamonds PLC

("Botswana Diamonds" or the "Company")

v Directors and Existing Irish Shareholders Subscribe GBP868,000 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 GBP265,576. Of this the directors are subscribing GBP124,000.

Following the announcement released earlier today in relation to the placing of 43,440,000 shares to raise GBP543,000 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 GBP60,000.

As a result the company has now raised GBP868,576 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   Number of Placing                  Shareholding   % of enlarged 
                  prior          Shares                             following      share 
                  to the                                            the placing    capital 
                  placing 
--------------  -------------  ---------------------------------  -------------  -------------- 
                                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 9(th) 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          [phone] 
 James Campbell, Managing 
  Director                       [phone] 
 Jim Finn, Director 
 Northland Capital Partners 
  Limited 
 David Hignell/Gerry Beaney 
  (Corporate Finance)            [phone] 
 John Howes (Broking) 
 Dowgate Capital Stockbrokers 
  Limited 
 Jason Robertson                 [phone] 
 Blytheweigh                     [phone] 
 Camilla Horsfall                [phone] 
 Nick Elwes                      [phone] 
 Teneo PSG 
 Ciaran Flynn                    [phone] 
 Alan Tyrrell                    [phone] 
 

www.botswanadiamonds.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

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August 03, 2017 02:15 ET (06:15 GMT)