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Lucara Diamond Corp. has increased the number of shares it is selling to help fund its underground expansion project to a total of 1.03 billion.
The Lundin Family Trusts will now buy stock for CAD 165 million ($118.7 million) at a price of CAD 0.16 ($0.11) per share, the miner said Wednesday. This is an increase from the CAD 70 million ($50.5 million) on which the parties originally agreed. Lucara intends to apply the proceeds toward advancing its Karowe underground project (UGP,) along with general working capital and corporate purposes. It will issue the shares through a private placement.
“The decision to upsize this equity financing reflects strong investor demand, led by the continued support of the Lundin Family Trusts,” said Lucara CEO William Lamb. “The upsized proceeds meaningfully strengthen the company’s capacity to advance the Karowe UGP and execute key development milestones targeted for 2026.”
The transaction is conditional on there being no requirement for shareholder approval, with closing anticipated by the end of the month. Completion is subject to all applicable regulatory approvals, including those from the Toronto Stock Exchange (TSX). Lundin controls the private entity Nemesia, which is Lucara’s largest shareholder.
Image: Diamond sorting at the Karowe mine. (Lucara Diamond Corp.)
