Karelian Diamond Resources raises £500,000

Irish exploration firm Karelian Diamond Resources has raised £500,000 (€569,390) through a share placing.

The diamond explorer, which is focused on Finland, placed a total of 11,111,111 new ordinary shares of €0.00025 at a price of 4.5 pence per share. The placing, as is standard, is conditional on admission of the shares to trading on the AIM market in London.

The company intends to use the proceeds to fund the further advancement of its principal diamond opportunities, including drilling to discover the source of the green diamond recently discovered in a till sample at Kuhmo.

Chairman Richard Conroy said the company was enthusiastic about its outlook.

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“We are pleased to be able to fund an additional drilling programme and undertake further exploration work at Kuhmo,” he 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.”