TIDMBOD
RNS Number : 0226O
Botswana Diamonds PLC
27 January 2023
27(th) January 2023
Botswana Diamonds PLC
("Botswana Diamonds" or the "Company")
Issue of equity
PDMR shareholding
The Board of Botswana Diamonds announces that it has today
issued 28,524,665 ordinary shares of GBP0.0025 each ("Ordinary
Shares") in the Company in respect of the second tranche of
consideration shares due following completion of the acquisition of
Vutomi in September 2022. In addition, the Company is issuing up to
a further 58,737,455 Ordinary Shares following an exercise of
warrants. The proceeds of the warrant exercise of GBP352,425 will
be used for additional working capital. The Vutomi owned alluvial
and dump mine at Marsfontein is expected to produce diamonds in
February.
Issue of Vutomi consideration shares
As previously announced on 28 September 2022, the Company
completed the acquisition of the outstanding third-party interests
in Vutomi Mining (Proprietary) Limited and Razorbill Properties 12
(Proprietary) Limited (together "Vutomi"). Vutomi holds the mineral
rights to the Thorny River Project as well as other exploration
assets. The consideration for Vutomi comprised 56,989,330 new
Ordinary Shares to be issued in two tranches (three months apart)
following completion. Accordingly, 28,464,665 new Ordinary Shares
("First Tranche Consideration Shares") were issued in September
2022 and the balance of 28,524,665 new Ordinary Shares ("Second
Tranche Consideration Shares") have been issued today to the
vendors of Vutomi, conditional on admission at an issue price of
0.85p per Ordinary Share (based on the last closing mid-market
price on 26(th) January 2023). James Campbell a director of the
Company will as previously announced receive 4,745,977 Second
Tranche Consideration Shares.
Warrant exercise
The Company has received conversion notices from holders
(excluding Directors) of 43,734,000 warrants exercisable at 0.60
pence each ("Warrants"). In addition, as described further below,
certain of the Directors have confirmed that they also intend to
exercise 15,003,455 Warrants. In aggregate the Company will
therefore issue (including the Directors intended exercise),
58,737,455 new Ordinary Shares ("Warrant Exercise Shares") at the
exercise price of 0.60 pence per new Ordinary Share. The proceeds
of the Warrant exercise, amounting up to GBP352,425, will be used
for additional working capital.
PDMR dealings
Certain of the Directors intend as described above, to exercise
Warrants and will receive Second Tranche Consideration Shares as
set out in the table below:
Director Second Tranche No of Warrants Enlarged % of Enlarged
Consideration Exercised Shareholding Share Capital
Shares in the Company (Note)
---------------- --------------- --------------- ---------------- ---------------
John Teeling - 10,000,000 64,084,318 6.14%
James Finn - 4,590,910 38,826,369 3.72%
James Campbell 4,745,977 412,545 11,215,906 1.07%
---------------- --------------- --------------- ---------------- ---------------
Note: The Enlarged Share Capital amounts to 1,043,877,899
Ordinary Shares comprising 956,615,779 existing Ordinary Shares,
28,524,665 Second Tranche Consideration Shares and 58,737,455
Warrant Exercise Shares.
Admission
Application will be made for the Second Tranche Consideration
Shares and the Warrant Exercise Shares (together the "New Ordinary
Shares") and amounting up to 87,262,120 New Ordinary Shares in
aggregate, which will rank pari passu with the existing Ordinary
Shares, to be admitted to trading on AIM and it is expected that
this will take place on or around 2 February 2023
("Admission").
Total Voting Rights
Following Admission, Botswana Diamonds will have 1,043,877,899
Ordinary Shares in issue which will also represent the total number
of voting rights in the Company. The above figure should be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the FCA's
Disclosure and Transparency Rules.
A copy of this announcement is available on the Company's
website, at www.botswanadiamonds.co.uk
The information contained within this announcement in respect of
the Warrant exercise is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018. The person who arranged for
the release of this announcement on behalf of the Company was Jim
Finn, Director.
Enquiries:
Botswana Diamonds PLC
John Teeling, Chairman +353 1 833 2833
James Campbell, Managing Director +27 83 457 3724
Jim Finn, Director +353 1 833 2833
Beaumont Cornish - Nominated Adviser
Michael Cornish
Roland Cornish +44 (0) 020 7628 3396
Beaumont Cornish Limited - Broker
Roland Cornish
Felicity Geidt +44 (0) 207 628 3396
First Equity Limited - Joint Broker
Jason Robertson +44 (0) 207 374 2212
BlytheRay - PR +44 (0) 207 138 3206
Megan Ray +44 (0) 207 138 3553
Rachael Brooks +44 (0) 207 138 3206
Said Izagaren +44 (0) 207 138 3206
Teneo
Luke Hogg +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
www.botswanadiamonds.co.uk
ENDS
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IOENKABPABKDNDB
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