20th Jun 2025 11:27
(Alliance News) - Karelian Diamond Resources PLC on Friday said it has raised GBP185,000 through a placing and subscription of 24.7 million new shares at 0.75 pence each.
The Finland and Northern Ireland-focused diamond and platinum group metals exploration company said the offer price represents a 30% discount to Thursday's closing price of 1.075p.
Shares in Karelian Diamond Resources were down 19% to 0.88p on Friday morning in London, giving the company a GBP1.5 million market capitalisation.
A total of 18.0 million new shares were placed by broker CMC Markets UK PLC, trading as CMC CapX, and 6.7 million were sold as a direct subscription from the company.
Karelian said the proceeds will support further development of its Lahtojoki diamond deposit and follow-up exploration at Kuhmo in Finland, where a green diamond was previously discovered. Some funds will support investigations into recent copper mineralisation identified at the Cappagh copper mine in Northern Ireland.
Managing Director Maureen Jones said: "This fundraising enables the company to continue its work as we begin in particular to move to the next phase of our work at Lahtojoki and also focus on advancing the significant potential for nickel-copper-platinum group elements in Northern Ireland."
By Eva Castanedo, Alliance News reporter
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