18th Dec 2015 13:10
LONDON (Alliance News) - Botswana Diamonds PLc on Friday said it has undertaken a private placing to conditionally raise GBP458,655, with proceeds to fund exploration activities in Botswana and provide working capital.
The diamond exploration and project development company, which holds licences in Botswana and Cameroon, said it is placing about 54.0 million new shares at 0.85 pence each.
Each placing share has one warrant attached with the right to subscribe for one new share at the placing price for three years from December 24.
Additionally, the company has settled a further GBP86,661 of liabilities with some of its directors by issuing them with 10.2 million placing shares.
"These liabilities had accrued as a result of unpaid directors' fees," the company said.
In total, the company has conditionally issued 64.2 million placing shares with warrants attached to raise GBP545,316.
Executive Chairman John Teeling's shareholding will move to 14.5% of the company, an increase to 44.2 million shares from 36.6 million.
Finance Director James Finn's shareholding will move to 6.3% of the company, an increase to 19.1 million shares from 3.5 million.
Director David Horgan's shareholding will move to 4.0% of the company, an increase to 12.2 million shares from 2.4 million.
Non- Executive Director Anne McFarland's shareholding will move to 0.4% of the company, an increase to 1.2 million shares from zero.
With the exception of David Horgan, all directors subscribed for shares in the placing. Horgan was paid his in place of cash remuneration.
Shares in Botswana Diamonds were down 7.3% at 0.811 pence.
By Samuel Agini; [email protected]; @samuelagini
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