African Diamonds plans placement of new shares

African Diamonds is considering raising around €11 million through placement of new shares, reports say. The entity is an exploration company and is listed on London's Alternative Investment Market.

It will employ 50 percent of the funds in increasing its present 29 percent stake in the AK6 diamond project in Botswana, to 40 percent. The remainder funds will be used in funding an early works programme at the AK6 diamond project, and into exploration of the company’s other diamond projects in Botswana.