By Susanna Moon
Chicago, June 6 - African Diamonds plc has placed 1,890,728 of ordinary shares with institutional investors in Botswana at £1.25 per share, raising £2,363,410 before expenses, according to a press release.
The company has applied to place shares on the AIM Market and the London Stock Exchange.
The sale proceeds will go toward working capital.
"The placing of shares with institutions in Botswana is an important step for African Diamonds," said John Teeling, chairman of African Diamonds. "It complements our Botswana stock exchange listing and the 200-plus Botswana based shareholders on our share register. The funds will be used in part to develop and expand our wholly owned exploration activities in Botswana."
Panmure Gordon is placement adviser.
The company develops diamond mines in Africa and is based in Dublin, Ireland.
| Issuer: | African Diamonds plc
|
| Issue: | Stock
|
| Amount: | £2,363,410
|
| Shares: | 1,890,728
|
| Price: | £1.25
|
| Warrants: | No
|
| Placement adviser: | Panmure Gordon
|
| Announcement date: | June 6
|
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