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Irish diamond miner raises Stg700k

Wednesday, December 11 14:21:11

Dublin and London-listed diamond explorer Karelian Diamond Resources has raised 700,000 through a placing of 46 million new ordinary shares at a price of 1.5 pence per share.

Its chairman, Professor Richard Conroy, has capitalised loans amounting to 469,875 by subscribing for 31,325,000 Ordinary Shares at the placing price - a move that, following admission of the new shares, will bring his holding in the company to 68,356,701 ordinary shares representing approximately 40.16pc of the enlarged share capital.

The proceeds will be used to accelerate the company's ongoing work at its various diamond prospects in Finland and for working capital generally.

"The support from institutional investors is much appreciated. These monies will allow us to accelerate ongoing programmes at our diamond prospects in Finland. At one of our targets, Seitapera, the diamondiferous kimberlite pipe discovered is, at 6.9 hectares, the largest known diamondiferous kimberlite pipe in Finland," Professor Conroy said.

"The Placing will also allow for further work on other targets arising from the integration of the Company's data with the extensive database made available in accordance with the agreement between Karelian and Rio Tinto Mining and Exploration."