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(Alliance News) -Â Karelian Diamond Resources PLC on Tuesday said it has raised GBP420,000 via a share placing.
The firm placed 10.5 million shares at a price of 4 pence each. The placing price represented a 24% discount to Monday's closing price.
Shares in Karelian Diamond Resources were down 14% at 4.49 pence in London on Tuesday.
The placing was done by broker Brandon Hill Capital Ltd and was with new investors, Karelian said. The share issue comes with warrants to subscribe for a further 525,000 shares at the same price of 4p.
"The net proceeds of the placing will be used by the company to explore the acreage surrounding the Lahtojoki diamond deposit and to expedite its technical assessment of the deposit, for exploration in the Kuhmo region of Finland where the company has discovered a green diamond in till and for general working capital purposes," the company explained.
By Lucy Heming;Â lucyheming@alliancenews.com
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