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Pin to quick picksKarelian Regulatory News (KDR)

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Issue of Equity

12 Apr 2017 16:34

Karelian Diamond Resources Plc - Issue of Equity

Karelian Diamond Resources Plc - Issue of Equity

PR Newswire

London, April 12

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014. With the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

12 April 2017

Karelian Diamond Resources plc (the “Company”)

CAPITAL RAISING

TOTAL VOTING RIGHTS

Placing to raise £775,000 (€914,500)

• Placing of 172,222,220 new ordinary shares at 0.45 pence per share together with 57,407,408 warrants to raise £775,000 (€914,500) before expenses and issue of 22,222,223 Broker Warrants

• Proceeds of the placing to be applied to fund the advancement of the Company’s principal diamond opportunities and in particular the Lahtojoki Diamond Project, its exploration at Riihivaara and for working capital

Karelian Diamond Resources plc (AIM: KDR, ESM: KDRI), the diamond exploration company focused on Finland, is pleased to announce that it has conditionally raised £775,000 (ca.€915,000), prior to expenses, through a placing (the “Placing”) of 172,222,220 ordinary shares of €0.00001 in the capital of the Company (the “Placing Shares”) and 57,407,408 warrants all at an exercise price of 0.80 pence per warrant (the “Warrants”), together the “Placing Units”, at a price of 0.45 pence per Placing Unit (the “Placing Price”).

The Placing is conditional, inter alia, on admission of the Placing Shares to trading on AIM and the Enterprise Securities Market operated by the Irish Stock Exchange Limited (“ESM”). The Placing Shares will rank pari passu with the existing issued ordinary shares of €0.00001 in the capital of the Company (“Ordinary Shares”).

The Warrants can be exercised at any time from admission of the Placing Shares to the second anniversary of the anticipated admission of the Placing Shares, being 28 April 2019. 

Following the recent discovery of a diamond in a till sample, the Company intends to use the proceeds of the Placing to fund the further advancement of the Company’s principal diamond opportunities and in particular the recently acquired Lahtojoki Diamond Project, its exploration at Riihivaara where the Company has discovered a potential new diamond source and for working capital generally.

As part of the Placing, certain of the Directors have subscribed for an aggregate of 38,888,880 Placing Units, consisting of 38,888,880 Placing Shares and 12,962,960 Warrants. The Directors’ participation in the Placing and their resultant shareholding following admission of the Placing Shares to trading (“Admission”) is as follows:

Director Placing participationPlacing Shares subscribed for Resultant ShareholdingPercentage interest in the enlarged issued share capital Warrants received
£No.No.No.
Professor Richard Conroy* 125,000 27,777,770 119,583,938 20.46 9,259,257
Maureen Jones27,5006,111,11013,221,9852.262,037,037
James P. Jones22,5005,000,0009,481,5391.621,666,666
175,00038,888,880142,287,46224.3412,962,960

* Of the 119,583,938 Ordinary Shares beneficially held by Professor Richard Conroy, 30,815,030 are held by Conroy Plc a company in which Professor Conroy has a controlling interest.

The participation of Professor Richard Conroy, Maureen Jones and James P Jones in the Placing is a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The independent directors of the Company (being Séamus FitzPatrick, Louis Maguire, and Sor?a Conroy), having consulted with the Company’s Nominated Adviser and ESM adviser, consider the terms of the Placing to be fair and reasonable insofar as the Shareholders are concerned.

Application has been made to AIM and ESM for the Placing Shares to be admitted to trading. It is expected that admission will become effective on 28 April 2017.

Following the issue of the Placing Shares, and for the purposes of the Disclosure and Transparency Rules, the Company's total issued share capital on Admission will consist of 584,451,698 Ordinary Shares.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.

In conjunction with the Placing the Company is issuing 22,222,223 Broker Warrants, also exercisable at 0.80 pence per warrant until 28 April 2019, to Beaufort Securities.

Professor Richard Conroy, Chairman, Karelian Diamond Resources plc commented:

This placing, with the promise of more to come via the warrants, will allow us to do follow-up work on our diamond discovery in Kuhmo, an extremely rare and positive event. It will also allow us to do further work at the Lahtojoki diamond deposit where we have a Mining Permit, as well as on the Riihivaara Kimberlite Body, which we discovered. With the funds raised we now look to build on these successes.

Further Information:

Professor Richard Conroy, Chairman, Karelian Diamond Resources plc Tel: +353-1-661-8958
Virginia Bull/James Thomas/Nick Harriss, Allenby Capital Limited (Nomad) Tel: +44-20-3328-5656
Ger Heffernan/Jan Fitzell, IBI Corporate Finance Limited (ESM Adviser) Tel: +353-7662-34800
Jon Belliss/Elliot Hance, Beaufort Securities Limited (Broker) Tel: +44-20-7382-8300
Michael Padley, Lothbury Financial Services Limited Tel: +44-20-3290-0707
Don Hall, Hall Communications Tel: +353-1-660-9377

http://www.kareliandiamondresources.com

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014. The information set out below is provided in accordance with the requirements of Article 19(3) of that Regulation.

1Details of the person discharging managerial responsibilities/person closely  associated
a)NameProfessor Richard Thomas Walter Lawrence Conroy
2Reason for the notification
a)Position/status Director of the Company
b)Initial notification /Amendment Initial notification
3Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)NameKarelian Diamond Resources plc
b)LEIN/A
4Details of the transaction(s):  section  to be repeated for  (i)  each type of instrument; (ii) each type of transaction;  (iii)  each date;  and  (iv) each place where transactions have been conducted
a)Description of the financial instrument, type of instrument Ordinary Shares of €0.00001 each (“Ordinary Shares”)
Identification codeISIN for Karelian Diamond Resources plc Ordinary Shares: IE00B01ZSK94
b)Nature of the transactionPurchase of shares via a placing
c)Price(s) and volume(s)Price – 0.45 pence per ordinary share Volume – 27,777,770 Ordinary Shares
d)Aggregated information - Aggregated volume - Price N/A
e)Date of the transaction28 April 2017
f)Place of the transactionOutside a trading venue

1Details of the person discharging managerial responsibilities/person closely  associated
a)NameMaureen Theresa Anne Jones
2Reason for the notification
a)Position/status Director of the Company
b)Initial notification /Amendment Initial notification
3Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)NameKarelian Diamond Resources plc
b)LEIN/A
4Details of the transaction(s):  section  to be repeated for  (i)  each type of instrument; (ii) each type of transaction;  (iii)  each date;  and  (iv) each place where transactions have been conducted
a)Description of the financial instrument, type of instrument Ordinary Shares of €0.00001 each (“Ordinary Shares”)
Identification codeISIN for Karelian Diamond Resources plc Ordinary Shares: IE00B01ZSK94
b)Nature of the transactionPurchase of shares via a placing
c)Price(s) and volume(s)Price – 0.45 pence per ordinary share Volume – 6,111,110 Ordinary Shares
d)Aggregated information - Aggregated volume - Price N/A
e)Date of the transaction28 April 2017
f)Place of the transactionOutside a trading venue

1Details of the person discharging managerial responsibilities/person closely  associated
a)Name James (“Jim”) Patrick Jones
2Reason for the notification
a)Position/status Director of the Company
b)Initial notification /Amendment Initial notification
3Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)NameKarelian Diamond Resources plc
b)LEIN/A
4Details of the transaction(s):  section  to be repeated for  (i)  each type of instrument; (ii) each type of transaction;  (iii)  each date;  and  (iv) each place where transactions have been conducted
a)Description of the financial instrument, type of instrument Ordinary Shares of €0.00001 each (“Ordinary Shares”)
Identification codeISIN for Karelian Diamond Resources plc Ordinary Shares: IE00B01ZSK94
b)Nature of the transactionPurchase of shares via a placing
c)Price(s) and volume(s)Price – 0.45 pence per ordinary share Volume – 5,000,000 Ordinary Shares
d)Aggregated information - Aggregated volume - Price N/A
e)Date of the transaction28 April 2017
f)Place of the transactionOutside a trading venue
Date   Source Headline
11th Mar 20247:00 amPRNCourt hearing set for Lahtojoki
29th Feb 20247:00 amPRNHalf-yearly results for the six months ended 30 November 2023
25th Jan 20247:00 amPRNRiihivaara Exploration Permits Extended
2nd Jan 20243:49 pmPRNHolding(s) in Company
21st Dec 20232:15 pmRNSResult of AGM
21st Dec 20237:04 amPRNAGM Statement
19th Dec 20237:00 amPRNUpdate on sample results and diamond exploration programme in Kuhmo region
4th Dec 20234:43 pmPRNHolding(s) in Company
1st Dec 202312:54 pmPRNHolding(s) in Company
29th Nov 20237:00 amPRNFinal Results
1st Nov 20235:15 pmPRNTotal Voting Rights
20th Oct 20231:43 pmPRNFundraising and Appointment of Broker
19th Oct 20235:47 pmPRNHolding(s) in Company
12th Oct 20237:00 amPRNPositive results from sampling programme
11th Oct 20237:00 amPRNExercise of Warrants
10th Oct 20237:00 amPRNDiamond Exploration Programme Update
9th Oct 20234:37 pmPRNHolding(s) in Company
26th Jul 20237:00 amPRNExploration Programme in Northern Ireland
18th Jul 20237:00 amPRNFollow-up diamond exploration in Kuhmo
24th Apr 20237:13 amPRNUpdate on Planned Exploration Programmes
11th Apr 202310:55 amPRNHolding(s) in Company
4th Apr 20232:20 pmPRNHolding(s) in Company
29th Mar 20237:00 amPRNLahtojoki Diamond Deposit Update
24th Mar 20231:07 pmPRNHolding(s) in Company
15th Mar 20235:26 pmPRNHolding(s) in Company
28th Feb 20237:00 amPRNHalf-yearly results for the 6 months to 30 November 2022
21st Feb 20234:25 pmPRNHolding(s) in Company
30th Jan 20233:43 pmPRNHolding(s) in Company
27th Jan 20232:14 pmPRNHolding(s) in Company
29th Nov 20227:00 amRNSFinal Results
1st Jun 20223:00 pmPRNLahtojoki Diamond Mine Development Update
25th May 20224:29 pmPRNHolding(s) in Company
10th Mar 20227:00 amPRNNickel Prospecting Licences Applied for in N.I
28th Feb 20227:00 amPRNHalf-year Report
10th Feb 20227:00 amRNSLahtojoki Diamond Deposit Update
19th Jan 202210:31 amPRNHolding(s) in Company
22nd Dec 20212:51 pmPRNResult of AGM
14th Dec 20214:45 pmPRNNotice of Change of Venue of AGM
30th Nov 20213:49 pmPRNFinal Results
17th Nov 20217:00 amPRNHolding(s) in Company
10th Nov 20217:00 amPRNHighly anomalous amounts of chromite reported
1st Nov 20217:00 amPRNHolding(s) in Company
11th Oct 20215:25 pmPRNHolding(s) in Company
6th Oct 20217:00 amPRNAnalysis of Kimberlite boulder in Lahtojoki south
17th Aug 20215:45 pmPRNHolding(s) in Company
17th Aug 20217:00 amPRNSHARES/AJ BELL WEBINAR 17 AUGUST
6th Aug 202110:52 amPRNHolding(s) in Company
27th Jul 20217:00 amPRNBrookeborough Diamond Exploration Commenced
30th Jun 20215:00 pmRNSTotal Voting Rights
24th Jun 20216:14 pmPRNHolding(s) in Company

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