By Sheri Kasprzak
New York, Oct. 5 - European Diamonds plc said it has settled a private placement for £1.15 million.
The company sold 5 million shares at 23p each.
The investors also received warrants for 2.5 million shares, exercisable at 35p each for one year.
Proceeds from the deal will be used for working capital.
Upon completion of the offering, European Diamonds has 53,994,783 outstanding common shares.
Based in London, European Diamonds owns and explores diamond interests in Lesotho and Finland.
| Issuer: | European Diamonds plc
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| Issue: | Stock
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| Amount: | £1.15 million
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| Shares: | 5 million
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| Price: | 23p
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| Warrants: | For 2.5 million shares
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| Warrant expiration: | One year
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| Warrant strike price: | 35p
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| Settlement date: | Oct. 5
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| Stock price: | 23.5p at close Oct. 4
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