5 July 2024

 

 

Karelian Diamond Resources plc

("Karelian Diamonds" or the "Company")

 

Holdings in Company

 

Karelian Diamonds (AIM: KDR) announces that it was informed on 5 July 2024 that Steve Coomber has an interest of 8,813,263 ordinary shares of €0.00025 each ("Ordinary Shares"), equivalent to 6.85 per cent. of the current issued Ordinary Shares and voting rights of the Company.

 

Further Information:

 

Karelian Diamond Resources plc Professor Richard Conroy, Chairman   +353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss   +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey

 

CMC Markets (Joint Broker)

Douglas Crippen

  +44-20-7469-0930

 

+ 44-20-3003-8632

 

Lothbury Financial Services Michael Padley   +44-20-3290-0707 Hall Communications Don Hall   +353-1-660-9377

 

http://www.kareliandiamondresources.com

 

 

THIS ANNOUNCEMENT, INCLUDING ITS APPENDICES AND THE INFORMATION HEREIN, IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, RUSSIA, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN, NEW ZEALAND, SINGAPORE OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.

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.

 

1 July 2024

 

Karelian Diamond Resources plc

(“Karelian” or the “Company”)

 

Fundraising of c.£328,000 and appointment of joint broker

 

Karelian Diamond Resources plc (AIM: KDR), the Irish mineral resource exploration and development company which has active exploration programmes for Nickel-Copper-Platinum Group Elements in Northern Ireland and for diamonds in the Kuhmo region of Finland, is pleased to announce a placing to raise a total of £328,747 (before expenses) at 1.5 pence per ordinary share (the “Fundraising”).

 

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 Richard Conroy, Chairman of Karelian, commented:

 

“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 2.45 pence on 28 June 2024, being the last practicable date prior to this announcement. CMC Markets UK plc (“CMC Markets”), trading as CMC CapX, acted as the Company's placing agent in respect of the Fundraising. 

 

Placing of 21,916,479 ordinary shares of €0.00025 each (“Ordinary Shares”) at a price of 1.5 pence per Ordinary Share to raise approximately £328,747 before expenses (the “Placing Shares”).

 

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 3 pence per Ordinary Share exercisable for a period of 12 months from the admission to trading on AIM of the Placing Shares and Investment Shares (“Admission”), creating 11,799,997 warrants (the “Fundraising Warrants”).

 

The Fundraising Warrants have an accelerator clause which will apply should the volume weighted average Ordinary Share price trade for 5 consecutive days at 6 pence or greater following which the Company will have the right to issue Warrant holders with a two week notice to exercise their Fundraising Warrants. Unexercised Fundraising Warrants would be cancelled, and any Fundraising Warrants exercised under this notice must be fully paid up to the Company within 10 business days of notification being made to the Company that the Fundraising Warrants will be exercised.

 

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:

 

Name

Placing Shares being subscribed

Value of the subscriptions at the Issue Price

Ordinary Shares held following completion of the Fundraising

Percentage of enlarged issued share capital

 

 

Professor Richard Conroy (Chairman)

 

2,900,000

£43,500

15,163,912

11.78%

Dr Sorca Conroy (Non-Executive Director)

749,816

£11,247.25

3,892,981

3.03%

 

 

In addition, Professor Richard Conroy and Dr Sorca Conroy have both been issued with 1,824,908 Fundraising Warrants at a price of 3 pence per Ordinary Share exercisable for a period of 12 months from Admission.

 

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. Peterhouse Capital Limited continues to act as the Company’s joint broker and Allenby Capital continues to act as the Company’s nominated adviser.

 

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 5 July 2024.

 

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 Treasury. Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA’s Disclosure Guidance and Transparency Rules.

 

 

Further Information:

Karelian Diamond Resources plc

Professor Richard Conroy, Chairman

 

+353-1-479-6180

Allenby Capital Limited (Nomad)

Nick Athanas / Nick Harriss

 

+44-20-3328-5656

Peterhouse Capital Limited (Joint Broker)

Lucy Williams / Duncan Vasey

 

CMC Markets (Joint Broker)

Douglas Crippen

 

+44-20-7469-0930

 

+ 44-20-3003-8632

 

Lothbury Financial Services

Michael Padley

 

+44-20-3290-0707

Hall Communications

Don Hall

 +353-1-660-9377

 

http://www.kareliandiamondresources.com

 

The below notifications made in accordance with the requirements of the UK Market Abuse Regulation provide further detail:

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

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

 

Description of the financial instrument, type of instrument

Identification code

Ordinary shares of €0.00025 each in Karelian Diamond Resources Plc

Identification code (ISIN): IE00BD09HK61

b)

Nature of the transaction

Purchase of Ordinary Shares

 

Issue of warrants

c)

Price(s) and volume(s)

Price: 1.5p per share

Volume: 2,900,000

 

Exercise price: 3p per share

Volume: 1,450,000

d)

Aggregated information

- Aggregated volume

- Price

See above.

e)

Date of the transaction

1 July 2024

f)

Place of the transaction

London Stock Exchange – AIM

 

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

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

 

Description of the financial instrument, type of instrument

Identification code

Ordinary shares of €0.00025 each in Karelian Diamond Resources Plc

Identification code (ISIN): IE00BD09HK61

b)

Nature of the transaction

Purchase of Ordinary Shares

 

    

 

                                                                       Karelian Diamond Resources PLC   24 June 2024

("Karelian" or "the Company")

 

Report confirms potential for Nickel, Copper and Platinum-Group Elements

in Karelian licences

 

Independent report confirms potential for Nickel, Copper and Platinum-Group Elements in Karelian's licences in Northern Ireland Similarities to rich Mid-Continental Rift system of North America and Continental flood basalts; i.e. Norilsk in Russia and Emeishan in China that host world class Ni- Cu-PGE deposits Series of targets within Company's licences identified Comprehensive data base incorporating geology, geochemistry, geophysics, remote sensing and base GIS information including TELLUS geophysical and geochemical data and gravity geophysical data

 

Karelian Diamond Resources PLC ("Karelian Diamonds") (AIM: KDR) is pleased to announce that an assessment prepared by independent geological consultant, Dr Larry Hulbert, confirms the potential for Nickel, Copper and Platinum-Group Elements, in the Company's licence areas in Northern Ireland.

Dr Hulbert is an internationally recognised expert in Platinum-Group Elements, Nickel-Copper sulphide and Chrome and Iron-Titanium-Vanadium Oxide Mineralisation, and has over 40 years' experience in the Metallogeny of Mafic-Ultramafic Rocks.   He is a licenced member of Associations of Professional Engineers and Geoscientists and as such is a "Qualified Person" for the purposes of NI 43-101 reporting.

The review, by Dr Hulbert, followed the discovery in 12 October 2023 by the Company of indicator minerals for Nickel, Copper and Platinum Group Elements, during the course of a stream sediment sampling programme over the Company's licence area in Northern Ireland.

Dr Hulbert's review notes marked resemblances to the Baraga Basin in Michigan (Mid-Continental Rift system of North America), that hosts the world class Eagle and Eagle East Nickel, Copper and Platinum Group Elements deposits. Dr Hulbert recommends that the Eagle deposit should serve as Karelian's exploration model.

Similarities were also noted to the continental flood basalts; i.e. Norilsk Russia (Triassic) and the Emeishan Large Igneous Province in China, that also host world-class Ni-Cu-PGE deposits.  

In the independent report Dr Hulbert commented "what would have been considered as a low potential Ni-Cu-PGE exploration area in the past (pre-1995) have changed as a result of more recent discoveries and subsequent development of new exploration models. Recognition of similar geological and metallogenic environments, regardless of geological age, like that between the Proterozoic Baraga Basin Eagle mining camp setting and the KDR property is what will lead to new Ni-Cu-PGE discoveries. What was once not obvious is now obvious!".

A series of targets for Nickel, Copper and Platinum Group Elements within the Company's licence area in Northern Ireland were identified by Dr Hulbert during the course of his review and recommended for follow up.

Dr Hulbert's review also included the establishment of a comprehensive data base incorporating geology, geochemistry, geophysics, remote sensing, and base Geographic Information System (GIS) information including TELLUS data and gravity geophysical data.

Professor Richard Conroy, Chairman, Karelian Diamond Resources PLC commented: "Dr Hulbert's review is extremely encouraging. The geological similarities with areas associated with world class discoveries of Nickel, Copper and Platinum Group Elements, such as the Eagle and Eagle East deposits is striking.  The review confirms the potential for the discovery of major Nickel, Copper and Platinum Group Elements on Karelian's licences in Northern Ireland.  We look forward to following up on the targets recommended by Dr Hulbert." 

 

 

Further Information:

Professor Richard Conroy, Chairman

 

+353-1-479-6180

Allenby Capital Limited (Nomad)

Nick Athanas / Nick Harriss

 

+44-20-3328-5656

Peterhouse Capital Limited (Broker)

Lucy Williams / Duncan Vasey

 

+44-20-7469-0930

Lothbury Financial Services

Michael Padley

 

+44-20-3290-0707

Hall Communications

Don Hall

 

+353-1-660-9377

 

http://www.kareliandiamondresources.com

 

 

 

(“Karelian Diamonds” or “the Company”)

23 May 2024

LAND COURT HEARING RE LAHTOJOKI DIAMOND DEPOSIT

Karelian Diamond Resources plc (AIM: KDR) is pleased to announce an update to the court hearing by the Finnish Land Court, in relation to the appeals by two landowners regarding the amount of compensation to be paid to them and the mine boundary in relation to the development of a diamond mine by the Company at Lahtojoki in the Kuopio Kaavi region of Finland, details of which were announced on 11 March 2024.

Following the court hearing held on 21 May 2024, the Finnish Land Court has announced that its judgement will be given on 12 August 2024.

Finalisation of land possession for the duration of the mine is a necessary step forward in relation to the Company’s proposed development of the Lahtojoki diamond deposit.

The Board believes that the development of a diamond mine at Lahtojoki will not only bring significant benefits to the Company, but also to the entire surrounding Kuopio-Kaavi area.

The Lahtojoki diamond deposit, as well as containing high quality colourless gem diamonds, also contains pink diamonds and other coloured diamonds. Such diamonds are highly sought after and can command prices up to 20 times that of normal colourless gem diamonds.

The Company is continuing with its diamond exploration programme in Finland, in particular, to locate the source of the green diamond which it has discovered in Finland and also to progress its exploration for nickel, copper and Platinum Group Elements in Northern Ireland.

Professor Richard Conroy, Chairman of Karelian Diamond Resources PLC, commented:

“The holding of the Land Court hearing and the announcement that the judgement will be delivered on 12 August 2024 is a further step towards finalisation of a diamond mining concession at Lahtojoki and is to be welcomed. The Company is continuing to progress both its very promising exploration programme in Finland where, as set out in our release of 9 April 2024, sample results indicate that we are likely to be very close to the source of the green diamond, and the Company’s early stage but highly exciting exploration programme for nickel, copper and Platinum in Northern Ireland.”

 

Further information:

 

Karelian Diamond Resources plc

Professor Richard Conroy, Chairman

+353-1-479-6180

Allenby Capital Limited (Nomad)

Nick Athanas / Nick Harriss

 

+44-20-3328-5656

Peterhouse Capital Limited (Broker)

Lucy Williams / Duncan Vasey

 

+44-20-7469-0930

Lothbury Financial Services

Michael Padley

 

+44-20-3290-0707

Hall Communications

Don Hall

 

+353-1-660-9377

 

http://www.kareliandiamondresources.com

 

 

 

17 May 2024

 

 

Karelian Diamond Resources plc

("Karelian Diamonds" or the "Company")

 

Holdings in Company

 

Karelian Diamonds (AIM: KDR) announces that it was informed on 17 May 2024 that David John Naylor has an interest of 5,355,057 ordinary shares of €0.00025 each ("Ordinary Shares"), equivalent to 5.09 per cent. of the current issued share capital and voting rights of the Company.

 

 

Further Information:

Professor Richard Conroy, Chairman

 

+353-1-479-6180

Allenby Capital Limited (Nomad)

Nick Athanas / Nick Harriss

 

+44-20-3328-5656

Peterhouse Capital Limited (Broker)

Lucy Williams / Duncan Vasey

 

+44-20-7469-0930

Lothbury Financial Services

Michael Padley

 

+44-20-3290-0707

Hall Communications

Don Hall

 

+353-1-660-9377

 

http://www.kareliandiamondresources.com

 

10 May 2024

 

 

Karelian Diamond Resources plc

("Karelian Diamonds" or the "Company")

 

Holdings in Company

 

Karelian Diamonds (AIM: KDR) announces that it was informed on 10 May 2024 that Steve Coomber has an interest of 7,500,000 ordinary shares of €0.00025 each ("Ordinary Shares"), equivalent to 7.14 per cent. of the current issued Ordinary Shares and voting rights of the Company.

 

 

Further Information:

Professor Richard Conroy, Chairman

 

+353-1-479-6180

Allenby Capital Limited (Nomad)

Nick Athanas / Nick Harriss / Lauren Wright

 

+44-20-3328-5656

Peterhouse Capital Limited (Broker)

Lucy Williams / Duncan Vasey

 

+44-20-7469-0930

Lothbury Financial Services

Michael Padley

 

+44-20-3290-0707

Hall Communications

Don Hall

 

+353-1-660-9377

 

http://www.kareliandiamondresources.com