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Karelian raises £1m

Article Date:  Jul 19 2007

As predicted here last month, Karelian Diamonds has raised £1 million at 6.5p for further gem exploration in Finland.

City Capital Corporation arranged the placing for AIM-listed Karelian, which is concentrating its exploration on the Kuhmo area within Finland’s Karelian craton, where the company has identified 50 kimberlite targets, many showing indicators in the shape of G9 and G10 garnets. Professor Richard Conroy, chairman and controlling shareholder of the Dublin-based company, has taken up nearly 54 per cent of the placing.

Karelian shares, which hit 9.25p in May last year and then dropped to 3.38p last January, now stand at 7.25p, down 0.25p today. Their appeal is speculative.

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