Karelian Diamonds raises capital

Finland-focused explorer Karelian Diamonds has raised £50 000 through a subscription of 1 428 571 new ordinary shares of €0.00025 each, at a price of 3.5p each.

The net proceeds of the subscription will be applied for general working capital purposes.

Existing shareholder Martello Holdings, whose ultimate beneficial holder is Thomas Anderson, subscribed for the shares. Immediately following admission, Martello is expected to have a 9.81% interest of the enlarged ordinary share capital of the company.

The subscription price is a premium of 6.1% to the closing mid-market price of 3.3p an ordinary share on October 4.