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Lucara Announces Final Board Project Sanction for the Karowe Underground Expansion Project and Financial Close of Project Finance Facilities
Lucara Announces Final Board Project Sanction for the Karowe Underground Expansion Projec...
About this update from Lucara Diamond Corp.
[{"type":"text","content":"\n \n \n \n Lucara Announces Final Board Project Sanction for the Karowe Underground Expansion Project and Financial Close of Project Finance Facilities\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 VANCOUVER, BC\n \n ,\n \n Sept. 8, 2021\n \n /CNW/ - (TSX: LUC) (BSE: LUC) (Nasdaq Stockholm: LUC)\n \n \n Lucara Diamond Corp. (\"Lucara\" or the \"Company\") is pleased to announce that the Board of Directors has formally approved the Karowe underground expansion project (the \"UGP\"), following the Financial Close and satisfaction of all Conditions Precedent pursuant to the previously announced senior secured project financing debt package of\n \n US$220 million\n \n (the \"Facilities\") signed\n \n July 12, 2021\n \n (\n \n link to news release\n \n ). The Facilities include two tranches: A project finance facility of\n \n US$170 million\n \n to fund the development of the underground project, and a\n \n US$50 million\n \n working capital facility to re-finance the Company's existing debt and to support on-going operations. A utilization notice from the\n \n US$170 million\n \n project loan facility has been accepted and first funding for the Karowe underground expansion is expected to be received in mid-September. Capital costs for the UGP totaling\n \n US$534 million\n \n , will be met with funds from a combination of the Facilities, the projected cash flows from the Karowe open pit mine during the underground construction period, and the equity financings totaling\n \n C$41.4 million\n \n closed\n \n July 15\n \n (\n \n link to news release\n \n ), resulting in the UGP being fully financed. A full update on the UGP was released\n \n August 10\n \n and can be found\n \n here\n \n .\n \n View PDF version\n \n .\n \n \n \n Zara Boldt\n \n , CFO & Corporate Secretary commented: \"We are delighted to have completed this significant milestone following the signing of loan documentation in mid-July. We would like to thank our Lenders and advisors for their efforts towards achieving Financial Close of the Facilities.\"\n ...