Karelian Diamond Resources Plc - Fundraising of £328k and appointment of joint broker
THIS ANNOUNCEMENT, INCLUDING ITS APPENDICES AND THE INFORMATION HEREIN, IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310. IN 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.
(“Karelian” or the “Company”)
Fundraising of c.£328,000 and appointment of joint broker
HIGHLIGHTS
-- Karelian has recently, as announced by the Company on 24 June 2024 ,
received an independent report confirming the potential for
Nickel-Copper-Platinum Group Elements on its Prospecting Licences in
Northern Ireland .
-- Funds raised will be used to carry out a follow-up exploration programme
for Nickel-Copper-Platinum Group Elements on Karelian’s licences.
-- Funds will also be used by the Company to continue its diamond
exploration and development programme in Finland , where, at Kuhmo, it
has already discovered a green diamond in till, and appears close to
discovering its source and, at Lahtojoki, is awaiting final permission
to proceed with the development of a diamond deposit. In addition, funds
will be used to provide additional working capital for the Company.
-- Certain directors of the Company have subscribed for, in aggregate,
approximately £54,747 in the Fundraising at 1.5 pence per ordinary share
(the “Issue Price”).
-- In conjunction with the Fundraising, certain parties have also
capitalised amounts owed to them totalling £25,252.75 through the issue
of new Ordinary Shares at the Issue Price.
Professor
“This fundraising comes at an exciting time for the Company. We have recently announced a very positive independent report on the potential of our Nickel Copper Platinum Group Elements Licences which we look forward to following up immediately. We are also at a very advanced stage in our diamond exploration and development in Finland.”
FUNDRAISING SUMMARY
The
Issue Price
represents a discount of 38.8 per cent. to the closing mid-market price of
Placing of 21,916,479 ordinary shares of €0.00025 each (“
Ordinary Shares
”) at a price of
In conjunction with the Fundraising, certain parties have also capitalised amounts owed to them totalling £25,252.75 through satisfaction of these amounts by the issue of 1,683,516 new Ordinary Shares at the Issue Price (the “ Investment Shares ”).
Each Placing Share and Investment Share carries a half a warrant to subscribe for one new Ordinary Share
at a price of
The Fundraising Warrants have an accelerator clause which will apply should the volume weighted average Ordinary Share price trade for 5 consecutive days at
The Placing Shares and Investment Shares will represent approximately 18.34 per cent. of the enlarged issued share capital of the Company and have been issued to a combination of mainly new investors and certain existing shareholders.
The Fundraising has been conducted within the Company’s existing share authorities and is conditional on Admission becoming effective.
DIRECTORS’ PARTICIPATION IN THE FUNDRAISING
Details of the participations by certain of the Directors in the Fundraising at the Issue Price and their resultant shareholdings immediately following Admission are as follows:
Placing Shares Value of the Ordinary Shares Percentage of
Name being subscriptions at held following enlarged issued
subscribed the Issue Price completion of share capital
the Fundraising
Professor
Richard Conroy 2,900,000 £43,500 15,163,912 11.78%
(Chairman)
Dr Sorca Conroy
(Non-Executive 749,816 £11,247.25 3,892,981 3.03%
Director)
In addition, Professor
APPOINTMENT OF JOINT BROKER
CMC Markets acted as the Company's sole placing agent in respect of the Placing and has been appointed as joint broker to the Company with immediate effect.
ADMISSION, WARRANTS AND TOTAL VOTING RIGHTS
The issue of the Placing Shares and Investment Shares and the possible issue of new Ordinary Shares from the exercise of the Fundraising Warrants will be undertaken pursuant to the Company’s existing share authorities.
An application will be made shortly to the London Stock Exchange for Admission of the Placing Shares and the Investment Shares. It is expected that Admission will become effective and that dealings in the Placing Shares and Investment Shares on AIM will commence on or around
The Fundraising Warrants will not be admitted to trading on AIM or any other stock market and will not be transferable. The issuance of the Fundraising Warrants is subject to Admission.
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, the Company confirms that on completion of the Fundraising, and following Admission, the Company’s enlarged issued ordinary share capital will comprise 128,692,744 Ordinary Shares.
The Company does not hold any Ordinary Shares in
Further Information:
Karelian Diamond Resources plc
+353-1-479-6180
Professor Richard Conroy , Chairman
Allenby Capital Limited (Nomad)
+44-20-3328-5656
Nick Athanas / Nick Harriss Peterhouse Capital Limited (Joint Broker)
Lucy Williams / Duncan Vasey +44-20-7469-0930
CMC Markets (Joint Broker) + 44-20-3003-8632
Douglas Crippen Lothbury Financial Services
+44-20-3290-0707
Michael Padley Hall Communications
+353-1-660-9377
Don Hall
http://www.kareliandiamondresources.com
The below notifications made in accordance with the requirements of the
___________________________________________________________________________ |1 |Details of the person discharging managerial responsibilities / person | | |closely associated | |__|________________________________________________________________________| |a)|Name |Professor Richard Conroy | |__|_______________________________|________________________________________| |2 |Reason for the notification | |__|________________________________________________________________________| |a)|Position/status |Chairman of the Board | |__|_______________________________|________________________________________| |b)|Initial notification /Amendment|Initial notification | |__|_______________________________|________________________________________| |3 |Details of the issuer, emission allowance market participant, auction | | |platform, auctioneer or auction monitor | |__|________________________________________________________________________| |a)|Name |Karelian Diamond Resources Plc | |__|_______________________________|________________________________________| |b)|LEI |63540092EZYLYI8LGX48 | |__|_______________________________|________________________________________| | |Details of the transaction(s): section to be repeated for (i) each type | |4 |of instrument; (ii) each type of transaction; (iii) each date; and (iv) | | |each place where transactions have been conducted | |__|________________________________________________________________________| | |Description of the financial |Ordinary shares of €0.00025 each in | |a)|instrument, type of instrument |Karelian Diamond Resources Plc | | | | | | |Identification code |Identification code (ISIN): IE00BD09HK61| |__|_______________________________|________________________________________| |b)|Nature of the transaction | 1. Purchase of Ordinary Shares | |__|_______________________________|__1._Issue_of_warrants__________________| | | | 1. Price: 1.5p per share | | | |Volume: 2,900,000 | |c)|Price(s) and volume(s) | | | | | 1. Exercise price: 3p per share | | | |Volume: 1,450,000 | |__|_______________________________|________________________________________| | |Aggregated information | | | | | | |d)|- Aggregated volume |See above. | | | | | | |- Price | | |__|_______________________________|________________________________________| |e)|Date of the transaction |1 July 2024 | |__|_______________________________|________________________________________| |f)|Place of the transaction | 1. London Stock Exchange – AIM | |__|_______________________________|__1._Outside_of_a_trading_venue_________|
___________________________________________________________________________ |1 |Details of the person discharging managerial responsibilities / person | | |closely associated | |__|________________________________________________________________________| |a)|Name |Dr. Sorċa C. Conroy | |__|_______________________________|________________________________________| |2 |Reason for the notification | |__|________________________________________________________________________| |a)|Position/status |Non-executive Director | |__|_______________________________|________________________________________| |b)|Initial notification /Amendment|Initial notification | |__|_______________________________|________________________________________| |3 |Details of the issuer, emission allowance market participant, auction | | |platform, auctioneer or auction monitor | |__|________________________________________________________________________| |a)|Name |Karelian Diamond Resources Plc | |__|_______________________________|________________________________________| |b)|LEI |63540092EZYLYI8LGX48 | |__|_______________________________|________________________________________| | |Details of the transaction(s): section to be repeated for (i) each type | |4 |of instrument; (ii) each type of transaction; (iii) each date; and (iv) | | |each place where transactions have been conducted | |__|________________________________________________________________________| | |Description of the financial |Ordinary shares of €0.00025 each in | |a)|instrument, type of instrument |Karelian Diamond Resources Plc | | | | | | |Identification code |Identification code (ISIN): IE00BD09HK61| |__|_______________________________|________________________________________| |b)|Nature of the transaction | 1. Purchase of Ordinary Shares | |__|_______________________________|__1._Issue_of_warrants__________________| | | | 1. Price: 1.5p per share | | | |Volume: 749,816 | |c)|Price(s) and volume(s) | | | | | 1. Exercise price: 3p per share | | | |Volume: 374,908 | |__|_______________________________|________________________________________| | |Aggregated information | | | | | | |d)|- Aggregated volume |See above. | | | | | | |- Price | | |__|_______________________________|________________________________________| |e)|Date of the transaction |1 July 2024 | |__|_______________________________|________________________________________| |f)|Place of the transaction | 1. London Stock Exchange – AIM | |__|_______________________________|__1._Outside_of_a_trading_venue_________|
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