Botswana exploration and mining company African Diamonds announced that Investec has acquired more than 7.5 million of its shares at a price of £1-£1.15 per share.

African Diamonds said the figures represent 10.09 percent of its issued share, and that Botswana-based investors now hold over 15 percent of the company.

The company also reported that its wholly owned subsidiary, Kukama Mining and Exploration, was recently granted three new prospecting licenses near the Orapa region. The firm expects to initiate early stage exploration on the ground in the coming months.