17th May 2016 11:09
LONDON (Alliance News) - Karelian Diamond Resources PLC on Tuesday said it has raised GBP250,000 via a share placing to back work on its diamond projects.
Karelian, a diamond explorer with a focus on the Finnish market, said it has issued 31.3 million shares at 0.8 pence per share to raise the funds. It has also issued the same number of warrants exercisable at 1.6p per share.
Shares in Karelian were up 3.2% to 0.8p.
The company said the funds will be used to back work on its principal diamond exploration activities, in particular the Lahtojoki project, and will be used for general working capital purposes.
By Sam Unsted; [email protected]; @SamUAtAlliance
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