Lucapa Diamond Secures Up to $12 Million in Long-term Funding

Lucapa Diamond Company Ltd. (ASX:LOM) announced that it’s secured up to $12 million in long-term funding support from high-net-worth investors. The company plans to use the money to advance its Angola-based Lulo diamond project.
Other highlights include:

• Investors to subscribe to a $3.5 million equity placement at a premium and have first right of refusal to provide up to $8.5 million in future funding
• Funding will enable Lucapa to scale up its alluvial diamond mining and kimberlite exploration programs at Lulo
• Agreement represents an important step toward Lucapa’s goal of building a stable long-term share register

Stephen Wetherall, chief executive at Lucapa, commented:

This agreement not only provides the funding for Lucapa to continue scaling up our alluvial and kimberlite programs, but also enables us to mine diamonds from two separate sources at Lulo for the first time.
It also helps achieve our objective of building a stable register of long-term shareholders who are here to support Lucapa in unlocking the true value of what we believe is one of the best diamond projects in the world.

Click here to read the full Lucapa Diamond Company Ltd. (ASX:LOM) press release.