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LUCARA ANNOUNCES FURTHER EXTENSION OF WORKING CAPITAL FACILITY TO JANUARY 15, 2024
LUCARA ANNOUNCES FURTHER EXTENSION OF WORKING CAPITAL FACILITY TO JANUARY 15, 2024 Cana...
About this update from Lucara Diamond Corp.
[{"type":"text","content":"\n \n \n \n LUCARA ANNOUNCES FURTHER EXTENSION OF WORKING CAPITAL FACILITY TO JANUARY 15, 2024\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\n \n \n ,\n \n \n Dec. 29, 2023\n \n \n /CNW/ - (TSX: LUC) (BSE: LUC) (Nasdaq Stockholm: LUC)\n \n Please view PDF version\n \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 January 15, 2024\n \n (the \"Longstop Date\").  An earlier extension granted by the Lenders was due to expire on\n \n December 31\n \n , 2023.  Discussions to date with the Lenders have been constructive and several amendments to the Company's debt package have been agreed in principle.  Lender credit approval processes are ongoing.\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 $18.6 million\n \n . All currency figures are in U.S. Dollars, unless otherwise stated.\n \n \n \n On behalf of the Board,\n \n \n \n William Lamb\n \n \n President and Chief Executive Officer\n \n \n Follow Lucara Diamond on\n \n \n Facebook\n \n \n ,\n \n \n Instagram\n \n \n , and\n \n \n LinkedIn\n \n \n \n \n \n ABOUT LUCARA\n \n \n \n Lucara is a leading independent producer of large exceptional quality Type IIa diamonds from its 100% owned Karowe Diamond Mine in\n \n Botswana\n \n . Th...