The mining and exploration company Firestone Diamonds has announced a financing plan that will raise �13.5 million and provide updated development plans for its diamond mining and evaluation projects in Lesotho and Botswana.

The company will place 48,649,000 new shares to raise the total before expenses. The proceeds will go toward speeding up the development work at the Lighobong Mine in Lesotho; toward completing the power connection at the BK16 Mine in Botswana; toward the start of evaluating BK16 and other Orapa kimberlites in Botswana; and toward other working capital purposes.

CEO of Firestone Diamonds Tim Wilkes announced his satisfaction with the "significant support from existing and new institutional shareholders for this financing…" He commented, "We have made significant progress at Lighobong, with grades and diamond prices increasing substantially since production commenced in February 2011." Wilkes also mentioned the upcoming evaluation of 174 kimberlites.