Firestone Diamonds raises £5m to fund Botswana development work
16 July 2008
Firestone Diamonds, the AIM-quoted diamond mining business, has raised £5 million in a share placing. The new cash will be used to accelerate evaluation work at the company's BK11, BK16 and Tsabong projects in Botswana.
The move saw Firestone place 5,882,353 new shares of £0.2 each with institutional and other investors at a price of £0.85 per share.
Firestone recently announced positive bulk sampling results from BK11 and now intends to speed up evaluation work at the site. It hopes to recover and process approximately 1,000 tonnes of kimberlite, from which between 100-150 carats is expected to be recovered.
The company recently entered into an agreement under which it can earn an 87.5% interest in the BK16 kimberlite project, which is located 20 kilometres from BK11.
In addition, it intends to accelerate evaluation work at its Tsabong project, where it has identified 14 high interest kimberlites for bulk sampling by large diameter drilling.
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