Botswana Diamonds yesterday announced that it has raised £525,000 (before expenses) via the placing of 35,000,000 new ordinary shares with new and existing investors at a price of 1.5p per Placing Share. The resources thus raised will be used to fund ongoing drilling and exploration work at different project sites, the Company said.

Four projects are listed for funding from the proceeds of this latest phase of fund raising: ongoing kimberlite drilling at the Frischgewaagt property in South Africa; drilling in Botswana; exploration work in South Africa and the first stage of the 2017 Alrosa/Botswana Diamonds exploration programme in the Orapa and Gope areas of Botswana.

The Placing Shares represent approximately 9.37% of the Company's issued share capital as enlarged by the Placing and will rank pari passu with the Company's existing ordinary shares of 0.25p each

John Teeling, Chairman, commented, "Our exploration activities are gaining momentum.  We are drilling at Frischgewaagt, our late stage exploration property in South Africa and we will start drilling in Botswana imminently.  The Alrosa team will also commence their fieldwork in early March.  The two drilling programmes will be completed by the end of March, after which we anticipate a period of six to eight weeks' analysis.  The finance raised will fund these programmes."