By Sheri Kasprzak
Atlanta, April 25 - European Diamonds plc said it has closed a private placement for £6,907,500.
The company sold a total of 15.35 units at 45p each.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable for an additional share at 75p each for one year.
The company initially sold 11.1 million units under the same terms but announced Monday that it had issued an additional 4.25 million units.
In other news, European Diamonds aid it has completed preparations for bulk sampling at its Lahtojoki kimberlite pipe in Finland.
The proceeds from the private placement will be used to finance further exploration at the pipe. The remainder of the proceeds will be used for working capital. Based in London, European Diamonds is a diamond exploration company.
| Issuer: | European Diamonds plc
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | £6,907,500
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| Units: | 15.35 million
|
| Price: | 45p
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | 75p
|
| Settlement date: | April 25
|
| Stock price: | 44p at close April 22
|
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