Business
Fundraising and Debt Capitalisation
Fundraising and Debt Capitalisation.
About this update from Karelian Diamond Resources Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n\nPRIOR TO PUBLICATION, THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT WAS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310. WITH THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n\nIN ADDITION, MARKET SOUNDINGS WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED WITHIN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THOSE PERSONS THAT RECEIVED INSIDE INFORMATION IN A MARKET SOUNDING ARE NO LONGER IN POSSESSION OF SUCH INSIDE INFORMATION, WHICH IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n\n19 May 2023\n\nKarelian Diamond Resources plc\n\n(“Karelian Diamonds” or the “Company”)\n\nFundraising of £100,000, Debt Capitalisation and Related Party Transactions\n\nHIGHLIGHTS:\n\n\nFinancing of £362,500 including fundraising of £100,000, issue of Convertible Loan for £112,500 together with Debt Capitalisation of £125,000 and Creditor Conversion of £25,000\n\nFundraising, Debt Capitalisation and Creditor Conversion totalling £250,000 at 2.5 pence per share\n\nConvertible Loan of £112,500 issued, convertible at 5 pence per share\n\nBoth the Debt Capitalisation and Convertible Loan agreed with Conroy Gold and Natural Resources PLC\n\nFunds to be used to accelerate exploration programmes in Finland and Ireland\n\n\nKarelian Diamond Resources PLC (AIM: KDR), the diamond and base metals exploration and development company focused on Finland and Ireland, is pleased to announce a fundraising of £100,000 to accelerate exploration on its exploration programmes for diamonds in the Kuhmo region of Finland, where interpretation of geophysical data has revealed a series of kimberlite targets (announced by the Company on 7 June 2022), and exploration for nickel, copper and platinum group metals in Northern Ireland. \n\nThe Company has also entered into an agreement with Conroy Gold and Natural Resources PLC (“Conroy Gold”) in relation to a debt capitalisation of £125,000 and a further debt exchange into a convertible loan of £112,500, further details of which are set out below.\n\nFUNDRAISING SUMMARY\n\n\nPlacing of 4,000,000 new ordinary shar...