Karelian Diamond raises €569,390 in share placement
Dublin-listed Karelian Diamond Resources has raised £500,000 (€569,390) through a share placing.
The company has placed a total of 11,111,111 new ordinary shares of €0.00025 in the capital of the company at a price of 4.5 pence per placing share.
The new shares will be on an equal footing to exiting issued ordinary shares of €0.00025 in the capital of the company.
In a statement to the Irish Stock Exchange this morning, Finland-focused Karelian said that the funds would be used for a number of purposes including drilling, micro diamond test work, and to undertake further till sampling to explore for diamond potential adjacent to the Lahtojoki diamond deposit in Finland.
"We are pleased to be able to fund an additional drilling programme and undertake further exploration work at Kuhmo," Professor Richard Conroy, chairman of Karelian Diamond Resources, said.
"Following the recent discovery of the green diamond in the till sample at Kuhmo we are very enthusiastic about the opportunities for the company and look forward to updating shareholders in due course."