Prospector raises another €600k

The Dublin-headquartered prospector Karelian Diamond Resources has conditionally raised another £550,000 (€600,000), via a share placing.

This takes the aggregate amount of funds raised by the company in the past month to £2m.

In December, AIM-listed Karelian — which focuses on diamond opportunities close to the Russian border in Finland — raised £700,000 through the placing of 46m shares.

This was followed by £750,000 through the placing of 37.5m shares.

The latest placing (again at a price of 2p per share) should see the new ordinary shares admitted to London’s AIM and Dublin’s ESM on Friday.

Karelian intends to use the proceeds to progress its ongoing diamond prospects in Finland as well as for general working capital needs.

Management said it is now in its strongest financial position ever.

Elsewhere, Irish mining company Botswana Diamonds has announced that exploration work is under way at its PL117 licence in the Orapa region of the southern African country.