Mining

Lucara Diamond announces $38 million financing for Karowe in Botswana

Lucara Diamond (TSX: LUC) is raising $22 million in a bought deal financing to advance work at its 100%-owned Karowe diamond mine in […]

By Carl A. Williams June 25, 2021 At 3:41 pm

The Lesedi La Rona 1,109-carat diamond, discovered in 2015 at Lucara Diamond’s Karowe diamond mine in Botswana. Credit: Lucara Diamond.

Lucara Diamond (TSX: LUC) is raising $22 million in a bought deal financing to advance work at its 100%-owned Karowe diamond mine in central Botswana, about 350 km north of the capital Gaborone.

A syndicate of underwriters led by BMO Capital Markets will purchase 29.4 million common shares in the company at 75¢ per share. The deal also includes an over-allotment option for an additional 15% of the public offering at the offer price.

Lucara is also raising about $16 million in a private placement with Nemesia S.a.r.l and certain other investors on the same terms as the bought deal.

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