Karelian Diamond Resources plc has raised £328,747 through a 38.8% discounted placing.
USES
The placing comprised 21,916,479 ordinary shares of €0.00025 each, at 1.5 pence per
ordinary share.
Certain parties also capitalised amounts owed to them totalling £25,252.75 by the issue of 1,683,516 new ordinary shares at the issue price.
Each placing share and investment share carries half a warrant to subscribe for one new ordinary share at 3 pence per ordinary share, exercisable over 12 months from admission to trading, creating 11,799,997 warrants.
Karelian said that the placing and investment shares will represent approximately 18.34% of its enlarged issued share capital.
Chairman Professor Richard Conroy subscribed for 2.9 million shares for £43,500, taking his total holding to 15,163,912 equal to 11.78% of the enlarged issued share capital.
Non-executive director Dr Sorca Conroy subscribed for 749,816 shares for £11,247.25 (3,892,981; 3.03%).
Both were issued with 1,824,908 fundraising warrants.
Following admission, the company’s enlarged issued ordinary share capital will comprise 128,692,744 ordinary shares. Karelian holds no ordinary shares in treasury.
Funds will be used for nickel-copper-platinum group elements follow-up exploration in Northern Ireland, diamond exploration and development in Finland, and working capital.