[miningmx.com] – LUCAPA Diamond Company has raised $4m through a placement of shares which it will use to fund modifications to the diamond processing plant at its Lulo Diamond project in Angola, the company said.
Some 22.2 million shares will be issued at a price of $0.18 per share with an attached one-for-one unlisted option exercisable at $0.20 on or before 30 September 2017. Far East Capital Limited was Lead Manager to the issue, Lucapa said.
The funds would also be used to buy additional equipment for increased wet season mining preparations which will take processing to 20,000bcm per month through the Angolan wet season – a move that would boost operational cash flows, it said.
