Botswana Diamonds
Botswana Diamonds

Botswana Diamonds (LON:BOD) announced it is planning to raise £370,000 on Wednesday, causing shares to fall.

The diamond exploration firm said it intends to raise the capital through a issue 67,272,727 shares.

Botswana Diamonds said the money will be used to fund further exploration activities in Botswana and South Africa, as well as additional capital for the company.

Its mines include Sunland Minerals and Maibwe in Botswana, as well as the Vutomi Venture in Southfrica and Vast in Zimbabwe.

Back in November, Botswana Diamonds reported its annual results for the year to June 2018.

The company posted a £557,657 loss for the year, compared to £310,798 reported during the same period in 2017.

The company operates in Botswana, South Africa and Zimbabwe. It is listed on the smaller AIM-market of the London Stock Exchange.

Shares in Botswana Diamonds are currently -4.35% as of 13:21AM (GMT).

Elsewhere in the mining sector, Petropavlovsk shares (LON:POG) rallied after the company posted its 2018 product results.

Conversely, Jangada Mines shares (LON:JAN) fell more than 6% after the firm issued a royalty update.