Karelian Diamonds raises £420,000 in share placing

Irish company Karelian Diamond Resources has raised £420,000 (€464,000) through a share placing, with the proceeds to fund its exploration activities.

The placing brings new investors into the listed company. Karelian said it would use the money for the further exploration and technical assessment of its Lahtojoki acreage in the Kuhmo region of Finland.

The placing shares will represent about 19.6 per cent of the enlarged share capital of the company. The price represents a discount of 23.8 per cent on the closing mid-market price on August 17th, with the placing arranged by Brandon Hill Capital Ltd, the company’s broker.

The new shares are expected to begin trading on London’s AIM from August 24th.

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"The additional funds raised will be used to further accelerate the programme at Lahtojoki that was announced yesterday," chairman Richard Conroy said. "We are pleased with the interest shown in the company from certain new investors and look forward to updating shareholders as our exploration programme around the Lahtojoki diamond deposit progresses."