Karelian Diamond Resources PLC (AIM:KDR) shares were on the back foot on Friday, after raising new equity priced at 0.75p.
It raised £185,000, selling 18 million shares – representing 12.55% of the enlarged share capital.
Proceeds are earmarked to fund next-stage development at the Lahtojoki diamond deposit in Finland and the historic Cappagh copper mine in Northern Ireland.
“This fundraising enables the company to continue its work as we begin, in particular, to move to the next phase of our work at Lahtojoki and also focus on advancing the significant potential for Nickel-Copper-Platinum Group Elements in Northern Ireland,” managing director Maureen Jones said.
In London, Karelian shares were down 18%, changing hands at 0.88p.