Botswana Diamonds plc announced yesterday that, pursuant to its fundraising and capital reorganisation moves, dealings on AIM in the Existing Ordinary Shares will cease at the close of business on December 23 , 2015.

“Application has been made for the admission of 303,642,498 New Ordinary Shares (comprising 239,487,648 New Ordinary Shares issued pursuant to the Capital Reorganisation and 64,154,850 New Ordinary Shares issued pursuant to the Fundraising) to trading on AIM (Admission),” Botswana Diamonds clarified.

“Admission is expected to take place at 8.00 a.m. on 24 December 2015. No application will be made for admission of the Deferred Shares to trading on AIM nor will any such application by made to any other exchange.”

The Company had earlier, on December 18th, put out an announcement of the decisions taken at its AGM about the fundraising and capital reorganisation.

“At the Company's AGM on 18 December 2015 shareholders approved the sub-division of each of the Company's 239,487,648 existing ordinary shares of 1 pence each (Existing Ordinary Shares) into one new ordinary share of 0.25p each (a New Ordinary Share) and one new deferred share of 0.75p each (a Deferred Share) (the Capital Reorganisation),” Botswana Diamonds reiterated yesterday.

The New Ordinary Shares will carry the same rights and benefits as those attached to the Existing Ordinary Shares (save for the reduction in nominal value), the Company explained. Further, it said: “Shareholders' individual holdings will be for, the same number of New Ordinary Shares as the number of Existing Ordinary Shares immediately prior to the General Meeting. Any share certificates for the Existing Ordinary Shares will remain valid for the New Ordinary Shares.”

In addition, the Company said, it had issued a total of 64,154,850 New Ordinary Shares with Warrants attached to raise £ 545,316 as announced on 18 December 2015 (the Fundraising).

Earlier the Company had said that the funds raised would be used for further exploration activity in Botswana and as additional working capital.