Diamond exploration company Botswana Diamonds has raised £1.51 million (€1.82 million) to help back its projects in Botswana, Cameroon and Zimbabwe.

The funds were raised through a share placing and direct subscription scheme.

First results in Botswana are expected in the third quarter, while a second stage exploration programme is about to begin in Cameroon.

The company is also working on a small bulk sampling of a two hectare kimberlite, known to

contain diamonds, in Zimbabwe.

“The proceeds of the fundraising will enable the company to continue its exploration programme in conjunction with its partner in Botswana, where first results will come through in Q3; in Cameroon, where first results are due mid-year; and in Zimbabwe, where sampling is on-going,” said chairman John Teeling.