Karelian Diamond Resources plc has raised £290,000 through the issue of unsecured convertible loan notes to existing and new investors.
LICENCES
The three-year loan notes have a conversion price of 1.5 pence per share, which is a 300% premium to the closing mid-market price of 0.375 pence for the company’s ordinary shares on 19 March 2026.
Proceeds will fund initial drilling at “Anomaly 5” on Karelian’s diamond licences in Finland, and progress exploration for nickel, copper and platinum group elements on its Northern Ireland acreage.
Funds will also support talks with potential strategic and financial partners and provide working capital.
Karelian said it was also working on plans to pay salaries and fees owed to its past and present directors.
Discussions meanwhile continue on extending the term of its existing CLN of £112,500 with Conroy Gold and Natural Resources plc, and to amend the conversion price.
Karelian said that the term of the Conroy CLN ended in November 2024.
The company added that “at this stage the parties have not reached agreement on the terms of any variation”.