|
RAPAPORT... Lucapa Diamond Company signed the agreement for its $15 million bridge finance facility with a mining investment group, having met the requirement for various approvals and documentation during the due diligence period. Lucapa stated that the investment group completed detailed operational, technical and resource potential reviews as part of its due diligence and advised Lucapa that no material concerns or fatal flaws were raised in the process.
The investors' due diligence included on-site inspections of the Lulo diamond field and alluvial mining operations in Angola by independent experts, who were appointed by the investment group. Investors also confirmed that the bridge facility offer will remain in place for an additional three months to enable Lucapa more time to complete the clearance and incorporation formalities in Angola for the investment group.
Meanwhile, Lucapa raised $4.8 million, subject to the clearance of funds, via an issue of new shares, to start up operations at Lulo and to cover long lead time items required for proposed efficiency and technology improvements to the company's 150-tonne-per-hour diamond treatment plant. Lucapa's CEO, Stephen Wetherall, said, "2015 looms as an extremely busy and exciting year for Lucapa as we continue scaling up our diamond-mining operations at Lulo, continue recovering world-class alluvial diamonds and launch a new kimberlite exploration program to find the source of these exceptional gems. Lulo is producing rare and unique diamonds and we and our Angolan partners are fully committed to unlocking the full potential of this new diamond province."
|