Karelian Diamond Resources plc has raised £185,000 via a 30% discounted placing and subscription of 0.75 pence over a total 24,666,666 new ordinary shares each of €0.00025.
TVRs
The placing involved 18 million ordinary shares to raise £135,000 before expenses, while “certain parties” subscribed for 6,666,666 new ordinary shares at the issue price to raise £50,000.
In aggregate, the shares will represent approximately 12.55% of Karelian’s enlarged issued share capital.
Mainly new investors and certain existing shareholders took part in the fundraise.
Following admission, the company’s enlarged ordinary share capital will comprise 196,436,077 ordinary shares.
The company does not hold any ordinary shares in treasury.
Net proceeds will advance Karelian’s diamond deposit in Finland; exploration for copper, nickel and platinum group elements on its Northern Ireland licences; and be used as working capital.