PERTH (miningweekly.com) – Diamond miner Lucapa has raised A$5.25-million through its non-renounceable pro-rata rights issue to bankroll its search for the primary kimberlite source of the high value alluvial diamonds recovered at its Lulo project, in Angola.
The company in April announced the rights issue under which eligible shareholders were able to subscribe for one new share for every five shares held, at an issue price of 5c each, and a free attaching option at an exercise price of 10c and an expiration date of two years from the date of issue.
“During such unprecedented times, we are both delighted and appreciative to see such a strong show of support for our plans and strategies in the diamond sector, resulting in the maximum amount of A$5.25-million being raised,” said Lucapa MD Stephen Wetherall.
In addition to funding exploration work at Angola, the funds would also go towards preserving mining assets suspended as a result of the Covid pandemic, and for general working capital.