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LUCARA ANNOUNCES EXTENSION OF WORKING CAPITAL FACILITY TO DECEMBER 15, 2023 AND $15 MILLION DRAW FROM SHAREHOLDER LIQUIDITY GUARANTEE
LUCARA ANNOUNCES EXTENSION OF WORKING CAPITAL FACILITY TO DECEMBER 15, 2023 AND $15 MILLION DRAW ...
About this update from Lucara Diamond Corp.
[{"type":"text","content":"\n \n \n \n LUCARA ANNOUNCES EXTENSION OF WORKING CAPITAL FACILITY TO DECEMBER 15, 2023 AND $15 MILLION DRAW FROM SHAREHOLDER LIQUIDITY GUARANTEE\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Nov. 15, 2023\n \n \n /CNW/ - (TSX: LUC) (BSE: LUC) (Nasdaq Stockholm: LUC)\n \n \n Lucara Diamond Corp. (\"Lucara\" or the \"Company\") announces a further short-term extension of the maturity of its\n \n $50 million\n \n senior secured working capital facility (the \"WCF\") and a deferral of the requirement to place\n \n $52.9 million\n \n in a cost overrun reserve account (the \"CORA\") to the earlier of the conclusion of discussions with its Lenders or\n \n December 15, 2023\n \n (the \"Longstop Date\").  An earlier extension granted by the Lenders on\n \n October 31, 2023\n \n , was due to expire on\n \n November 15\n \n , 2023.  The Company also announces that it has fully drawn the\n \n $15 million\n \n liquidity support guarantee provided by its largest shareholder, Nemesia S.a.r.l. (\"Nemesia\") and issued 450,000 common shares as consideration for this funding.\n \n Please view PDF version\n \n \n \n The Company's debt package consists of two facilities (the \"Facilities\"), a project finance facility of\n \n $170 million\n \n to fund the development of an underground expansion at the Karowe Mine (the \"Project Loan\"), and the WCF which is used to support ongoing operations. Presently,\n \n $90 million\n \n is drawn from the Project Loan and\n \n $35 million\n \n is drawn from the WCF. The terms of the WCF extension do not permit further draws from either the Project Loan or the WCF. The CORA balance is currently\n \n $18.4 million\n \n . All currency figures are in U.S. Dollars, unless otherwise stated.\n \n \n In connection with the further extension of the WCF maturity and deferral of the CORA requirement to the Longstop Date, the Company's largest shareholder, Nemesia, has also agreed to extend its liquidity support guarantee in favour of the Lenders to align with the new ...