Karelian Diamond Resources, the Irish mineral resource exploration and development company which has active exploration programmes for Nickel-Copper-Platinum Group Elements in Northern Ireland and diamonds in the Kuhmo region of Finland, has announced a placing and subscription to raise £323,075 ($407,493).
It plans to use the funds to continue with its initial exploration work for Nickel-Copper-Platinum Group Elements in Northern Ireland where it is seeking a strategic partner to carry out a two-year exploration programme with a view to developing a number of targets capable of hosting significant economic deposits.
Funds will also be used to continue its diamond exploration and development programme in Finland where recently high priority targets were identified in the company’s search for the source of the green diamond discovery.
Karelian said it is planning to advance the proposed development of the Lahtojoki deposit where finalisation of the mine boundary and landowner compensation is anticipated to be achieved in the second quarter of 2025.
“We welcome the completion of this fundraising in a difficult market which comes at an important time for the Company as we progress work on our licence areas in both Finland and Northern Ireland,” said company chairperson Brendan McMorrow.
“With these funds, together with the potential for follow-on finance through the exercising of related warrants, the year ahead promises to be an exciting one for the company.”
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
