Business
£250,000 Placing, RPT and TVR
£250,000 Placing, RPT and TVR.
About this update from Botswana Minerals Plc
[{"type":"text","content":"\n\n7th August 2024\nBotswana Diamonds PLC\n(\"Botswana Diamonds\" or the \"Company\")\n \n£250,000 Placing, RPT and TVR\n \nPlacing to raise £250,000\nDirector / PDMR shareholding\n \nThe Board of Botswana Diamonds (AIM: BOD) is pleased to announce that it has undertaken a Company-arranged fundraising consisting of a placing and subscription with existing and new investors to raise £250,000 via the issue of 78,125,000 new ordinary shares of 0.25p each in the capital of the Company (\"Ordinary Shares\") (the \"Placing Shares\"), which includes the cash subscription by certain directors as detailed below, at a placing price of 0.32p per Placing Share.\n \nEach Placing Share has one share purchase warrant attached with the right to subscribe for one new Ordinary Share at 0.5p per Ordinary Share with an expiry date of two years from 7th August 2024 (the \"Placing Warrants\"), being the expected date of the Placing Warrants issue.\n \nThe 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 12th August 2024.\n \nUse of Proceeds\n \nThe 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.\n \nApproval of the Environmental Impact Assessment is still expected before the end of August 2024, which will allow drilling on the three Sekaka Minerals anomalies, close to the Company's KX36 discovery.\n \nDirector Subscription and RPT\n \nCertain directors are subscribing for Placing Shares (with Placing Warrants attached), as set out in the table below:\n\n\n\n\nDirector\n\n\nSubscription of Placing shares\n\n\nEnlarged shareholding following the placing\n\n\n% of enlarged share capital\n\n\nPlacing Warrants\n\n\n\n\nJohn Teeling\n\n\n7,812,500\n\n\n71,896,818\n\n\n6.00%\n\n\n7,812,500\n\n\n\n\nJames Finn\n\n\n 7,812,500\n\n\n46,638,869\n\n\n3.89%\n\n\n7,812,500\n\n\n\n\nJames Campbell\n\n\n5,859,375\n\n\n17,075,281\n\n\n1.43%\n\n\n5,859,375\n\n\n\n\n\nThe issue of the Placing Shares and the Placing Warrants to the three directors as set out above constitutes a...