By Sheri Kasprzak
New York, July 17 - European Diamonds plc concluded a private placement of units for £3.15 million.
The company sold 21 million units at 15p each to institutional and other investors.
The units are comprised of one share and one warrant. The warrants are exercisable through July 17, 2009 at 25p each.
Canaccord Adams Ltd. was the placement agent for the offering.
The proceeds from the placement will be used for exploration and development on the company's main pipe in Liqhobong, Lesotho, and for exploration on the company's projects in Finland.
London-based European is a diamond exploration company.
| Issuer: | European Diamonds plc
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| Issue: | Units of one share and one warrant
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| Amount: | £3.15 million
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| Units: | 21 million
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| Price: | 15p
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| Warrants: | One warrant per unit
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| Warrant expiration: | July 17, 2009
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| Warrant strike price: | 25p
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| Placement agent: | Canaccord Adams Ltd.
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| Settlement date: | July 17
|
| Stock symbol: | London: EPD
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| Stock price: | 16.95p at close July 14
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