Business
Issue of Equity and Directors' Shareholding
Issue of Equity and Directors' Shareholding.
About this update from Botswana Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 0986K Botswana Diamonds PLC 20 June 2014 \n \n\n \n20 June 2014\n\n\n\nBotswana Diamonds PLC\n(\"Botswana Diamonds\" or the \"Company\")\nIssue of Equity and Directors' Shareholding\n \nIssue of Equity\nBotswana Diamonds advises that pursuant to the receipt of conversion notices from holders of the Company's 2.5 pence warrants, it has today issued 27,346,000 new ordinary shares of £0.01 each (\"New Ordinary Share\") at the exercise price of 2.5 pence per New Ordinary Share. Of the conversion notices received by the Company, 16,000,000 were received from three of the directors of the Company (the \"Participating Directors\") and the settlement of the consideration for this exercise is the capitalisation of accrued directors' fees. For the balance of 11,346,000 warrants the Company has received cash proceeds of £283,650. Further details of the Participating Directors' warrant exercise are set out within this notification. \n \nThe warrants were issued pursuant to the fundraising announced by the Company on 13 December 2013 (the \"December Placing\") fundraising and expired on 19 June 2014. Following this transaction there are no outstanding 2.5p warrants.\n \nApplication has been made for the New Ordinary Shares to be admitted to trading on AIM and it is expected that this will take place on or around 26 June 2014.\n \nTable 1 below sets out the Company's current liabilities with respect to the Participating Directors and provides a breakdown of the warrants that are to be exercised in partial settlement of the liabilities:\n \nTable 1:\n\n\n\n\n\n\n\nCurrent liability (£)\n\n\nNumber of warrants to exercise\n\n\nCash value of warrants to exercise (£)\n\n\nLiability carried forward (£)\n\n\n\n\nJohn Teeling\n\n\n265,726\n\n\n8,800,000\n\n\n220,000\n\n\n45,726\n\n\n\n\nDavid Horgan\n\n\n87,333\n\n\n3,200,000\n\n\n80,000\n\n\n7,333\n\n\n\n\nJames Finn\n\n\n113,667\n\n\n4,000,000\n\n\n100,000\n\n\n13,667\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal\n\n\n466,726\n\n\n16,000,000\n\n\n400,000\n\n\n66,726\n\n\n\n\n \n\n\n \n \nParticipating Directors' Shareholdings\nFollowing the subscriptions of each of the Participating Directors, their resultant holdings are set out in Table 2 below:\n \nTable 2\n\n\n\n\nDirector\n\n\nCurrent Holding\n\n\nShares ...