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Lucara Raises $60M to Develop AK6 and Mothae

Feb 15, 2011 3:50 AM   By Deena Taylor
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RAPAPORT... Lucara Diamond Corporation raised $60 million through a private placement, the company reported. Proceeds from the placement will be used towards the development of the AK6 diamond mine in Botswana and Lucara's Mothae mine in Lesotho as well as for general working capital purposes.

Lucara sold  60 million common shares at a price of $1 per share on the Toronto Securities Exchange (TSE).

The company also appointed James Campbell as vice president new business, following the successful acquisition of African Diamonds. Campbell previously held the position of African Diamonds managing director for four years and was instrumental in helping the company acquire the mining license for the AK6 project.

Lucara's AK6 project is currently in the construction stage with mine commissioning scheduled to begin in the fourth quarter, Lucara said. The company's 75 percent owned Mothae mine is in the trial mining stage.

Tags: Deena Taylor , African Diamonds, Deena Taylor, Lucara Diamond
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