- Lucapa Diamond Company (LOM) has raised $5.25 million under its non-renounceable rights issue
- This rights issue offered eligible shareholders one new share for every five held at an issue price of five cents per share
- Shareholders also received a free attaching option for every one new share subscribed
- These options are exercisable at 10 cents and expire two years from the issue date
- Lucapa will use this $5.25 million to advance exploration at the Lulo project in Angola
- Company shares are up an even four per cent and are currently trading for 5.2 cents each
Lucapa Diamond Company (LOM) has raised $5.25 million under its non-renounceable rights issue.
This rights issue offered eligible shareholders one new share for every five held at an issue price of five cents per share.
Shareholders also received a free attaching option for every one new share subscribed for. These options are exercisable at 10 cents and expire two years from the issue date.
Lucapa will use this $5.25 million to advance exploration and search for the primary kimberlite source of the alluvial diamonds uncovered at the Lulo project in Angola.
The money will also go towards preserving mining assets that have been paused due to COVID-19, general working capital, and costs associated with the rights issue.
“During such unprecedented times, we were both delighted and appreciative to see such as strong show of support for our plans and strategies in the diamond sector, resulting in the maximum amount of $5.25 million being raise,” Managing Director Stephen Wetherall stated.
It is estimated that the shares and options will be issued on June 5.
Lucapa is up an even four per cent and shares are trading for 5.2 cents each at 1:01 pm AEST.