Exploration firm African Diamonds, which is owned by John Teeling, has raised £659,000 net of expenses having listed on London's Alternative Investment Market.
The shares in the company which were placed at 7p sterling, opened at a premium of 8.35 pence. The company raised £800,000, or €115,000 from the placing, which was oversubscribed. The placing values the group at a £3.8m.
The company has exploration projects in Botswana, Guinea and Sierra Leone and has set itself the target of having a diamond mine in production within three years.
