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Botswana Diamonds

  • BY: Andrew Hore |
  • POSTED: 02/02/2011 |

Botswana Diamonds joined Aim on 2 February 2011.

The shares had a notional introduction price of 7p a share and opened at 7.8p each. In the first couple of hours trading the share price fell to 5p. The closing price was 6.25p, which values Botswana at £6.28m.

Botswana Diamonds owns the assets that TSX Venture Exchange-quoted Lucara Diamond Corp did not want after it acquired African Diamonds.

Lucara was only interested in the AK6 diamond mine in Botswana and shareholders in African Diamonds received one Botswana Diamonds share for each African Diamonds share they owned. This means that the company already had a wide spread of shareholders and it appears that a number took the chance to sell their shares.

There were more buys than sells on the day but the biggest trades were sells.

Botswana Diamonds holds exploration licences in Botswana, a 35.42% stake in a company with exploration interests in the Democratic Republic of Congo, a small shareholding in Aim-quoted Stellar Diamonds and around $2m in cash. There are plans to invest in Zimbabwe and Cameroon.

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