Fundraising to raise £240,000

About this update from Karelian Diamond Resources Plc

[{"type":"text","content":"\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n\nKarelian Diamond Resources plc\n\n(“Karelian Diamonds” or “the Company”)\n\n          10 December 2019\n\nSubscription and issue of convertible loan note to raise £240,000\n\nKarelian Diamonds (AIM: KDR), the diamond exploration company focused on Finland, is pleased to announce that it has raised a total of £240,000 through a subscription (the “Subscription”) of a total of 3,000,000 new ordinary shares of €0.00025 each (“Ordinary Shares”) in the capital of the Company (the “Subscription Shares”) and the issue of an unsecured convertible loan note (“the “ Convertible Loan Note”) (together the “Fundraising”).\n\nThe Subscription Shares and the Convertible Loan Note have been subscribed for by a new investor, Fredrik Björnberg (the “Investor”). Mr. Björnberg is a member of a prominent family in Finland with a range of business activities, in particular in the forestry and paper industry.\n\nThe Björnberg family previously owned the Luikonlahti copper mine in the Kaavi area and still have close connections with this part of Finland.\n\nMr. Björnberg qualified in geology at the University of Helsinki and is a member of the Finnish Association of Mining and Metallurgical engineers. He has also been a member of the Canadian Prospectors and Developers Association, as well as a member of CIM.\n\nThe Lahtojoki diamond deposit was originally discovered by Malmikaivos Oy founded in the 1940s by the family.\n\nAfter the depletion of the Luikonlahti copper mine the company concentrated its effort on diamond exploration together with Ashton Mining and discovered a cluster of kimberlites including Lahtojoki. \n\nThus Mr. Björnberg was closely involved with the original discovery of the Lahtojoki diamond deposit in Kaavi over which Karelian Diamonds now holds a mining concession.\n\nThe proceeds of the Fundraising will be applied by the Company for general working capital purposes and in particular to the developme...

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