19th Nov 2015 11:08
LONDON (Alliance News) - Botswana Diamonds PLC Thursday said it has made "significant advances" in its operations in Botswana as it reported a narrowed pretax loss for its most recently ended financial year.
For the year to end-June the company reported a pretax loss of GBP339,529, narrowed from a pretax loss of GBP948,610 a year before. This was primarily as a result of a GBP615,796 impairment in the previous year. It did not post revenue in either period.
Botswana Diamonds has interests in 14 licences in a 50% joint venture with Russian group of mining companies Alrosa. The company said it has been aggressively applying for new ground, and in recent weeks was awarded four additional licences in the Gope region, as well as a high priority licence in the Orapa region.
Looking ahead, Botswana Diamonds sad that to provide it with "maximum flexibility" in regards to future funding it is proposing to change the par value of its existing shares to 0.25 pence from 1 pence at its upcoming annual general meeting. This will have no impact on the value of its existing shares or the number of shares in issue, it said.
Share in Botswana Diamonds were untraded Thursday morning. It last closed at 0.800 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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