The Vancouver-headquartered company will raise C$22-million on a bought-deal basis at C$0.75 a share and C$16-million in a concurrent private placement to Nemesia and other investors.

BMO Capital Markets is the lead underwriter for the public offering. The underwriters have an option to purchase up to an additional 15% of the public offering to cover over-allotments if any. The offering will close on July 15.

The private placement will be on the same terms as the public offering and will also close on July 15.

Karowe delivered a 1 174 ct diamond this week – the third diamond weighing more than 1 000 ct to be recovered since 2015.