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RAPAPORT... Lucapa Diamond Company raised $5.5 million, less costs, through a share placement to advanced its Lulo diamond concession in Angola. The placement is subject to the clearance of funds and involved issuing approximately 917 million new ordinary shares, together with approximately 458 million listed options at no further consideration on the basis of one option for every two placement shares. The options, which are to be listed and exercisable at 1 cent each on or before August 29, 2015, remains subject to shareholder approval. Lucapa's board resolved that a resolution will be presented to shareholders at the annual general meeting on May 21 to consider a 30-to-1 consolidation of shares and options (both listed and unlisted) on a post-placement basis. Subject to the consolidation being approved, the board also resolved to make an issue of loyalty options to shareholders. Under the proposed terms of the loyalty options, shareholders will be entitled to one listed option for every two fully-paid ordinary Lucapa share held on a post-consolidation basis. Lucapa's managing director, Miles Kennedy, said he was delighted with the response to the capital raising, which followed a series of recent investor and broker presentations by Lucapa in London and Cape Town.
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