Karelian Diamond Resources plc has raised a total gross £323,075 via a 37.5% discounted placing and subscription to a total 43,076,667 new ordinary shares each at 0.75 pence.
USES
The placing for 34,066,667 ordinary shares of €0.00025 each, raised £255,500 while the subscription for 9,010,000 ordinary shares at the issue price raised £67,575.
Each placing and subscription share carries a warrant to subscribe for one new ordinary share, each at a price of 1.5 pence, exercisable for 24 months from the admission date.
The placing and subscription shares, representing 25.08% of Karelian’s enlarged issued share capital, have been issued to mainly new and certain existing shareholders.
Following admission, the company’s enlarged issued ordinary share capital will comprise 171,769,411 ordinary shares.
Karelian holds no ordinary shares in treasury.
Proceeds will fund exploration for nickel, copper and platinum group elements in Northern Ireland and for diamonds in Finland as well as working capital.