Teeling doubles stake in Botswana Diamonds

This takes his holding in the company to 7,994,320 shares or 7.95 percent of the capital. The company, which started trading on AIM early last month, comprises the exploration assets of African Diamonds that were sold to Lucara Diamond Corp in a share-based deal worth £51 million in December last year. Lucara only had eyes for African Diamond's AK6 diamond mine and the remaining exploration assets were spun out into the newly formed Botswana Diamonds.

Teeling is one of AIM's best-known dealmakers. With the successful discovery, development and sale of the AK6 diamond mine now behind them, Botswana Diamonds management team will now focus onathe AK8, AK9 and BK5 kimberlites that are already known to contain diamonds.  The company is already funded for exploration through 2011 with US$2 million in cash. It has three exploration licences in the Orapa region and opportunities in Zimbabwe and Cameroon.