Botswana Minerals plc announced it had raised £1,150,000 and appointed a non-executive director to the board, with immediate effect.
TVRs
For the fundraise, Botswana issued 460 million new ordinary shares of 0.25 pence each, at a placing price of 0.25p per placing share, to existing and new investors.
Directors participating include executive chairman John Teeling, who subscribed for 16m shares to hold 87,896,818 shares, representing 5.30% of Botswana, as well as 16m warrants.
Finance director James Finn also subscribed for 16m shares, and now has 62,638,869 shares (3.78%), and 16m warrants.
Managing director James Campbell subscribed for 16,668,800 new shares, and now holds 33,744,081 shares (2.04%) and 16,668,800 warrants.
Newly appointed non-executive director Rory Harding subscribed for 40m shares, equal to 2.41% of the company, and holds 40m warrants.
Following the issue of the placing shares, Botswana’s total issued share capital will comprise 1,658,002,899 ordinary shares, each with one voting right.
The company does not hold any ordinary shares in treasury.
Proceeds will fund exploration for copper on the company’s licences in northwest Botswana.
COMPANY MOVES
NED Rory Harding, currently chief execuitve officer of Arkle Resources plc, is an “emerging markets specialist” with experience in energy, mining and investment banking.
He is also adviser to London merchant bank Strand Hanson.
Mr Harding has co-founded “multiple” publicly listed mining companies, most recently Electrum Discovery.
He formerly worked in energy trading and has “extensive operational experience” in Africa.
Mr Harding also has directorships or partnerships at American Renaissance Resources LLC; Reston Energy Trading Ltd; Onyofi Capital Pty Ltd; Patina Minerals Doo; Oakridge Vision Ltd; Oxley River Capital Ltd; and Dunonin Resources Ltd.
