Botswana Minerals to raise £1.15m, makes board changes
Aim-listed Botswana Minerals has undertaken a company-arranged fundraising consisting of a placing and subscription with existing and new investors to raise £1.15-million through the issue of 460-million new ordinary shares, including a cash subscription by certain directors.
The funds will be used primarily to further the company’s exploration programme on its copper-focused prospecting licences in north-west Botswana, as well as for working capital purposes.
The exploration programme is designed to take the high-priority anomalies to drill targets.
Meanwhile, Rory Harding has been appointed to the board as a nonexecutive director with immediate effect.
He is also currently the CEO of Aim-listed Arkle Resources.
Harding is an emerging markets specialist with experience in energy, mining and investment banking and adviser to London merchant bank Strand Hanson.
He is the co-founder and asset originator for multiple publicly listed mining companies, most recently TSX-V-listed Electrum Discovery.
Harding formerly worked in energy trading and has extensive operational experience in Africa.
Harding is subscribing for 40-million shares in the placing. Following completion of the placing, his holding in the company will represent 2.41% of the enlarged issued share capital.
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