Lucara Raises $50M to Complete Underground Project

Lucara Diamond Corp. has sold approximately 437.5 million shares for CAD 70 million ($50.5 million) to help fund its underground expansion project.

The Lundin Family Trusts will buy the stock at a price of CAD 0.16 ($0.11) per share, the miner said last week. Lundin controls the private entity Nemesia, which is Lucara’s largest shareholder. Lucara will use the proceeds to advance its Karowe underground project (UGP) as well as for general working capital and corporate purposes. The company will issue the shares on a private placement basis.

“We are pleased to advance this equity raise with the support of the Lundin Family Trusts, whose participation underscores the strategic significance of the Karowe UGP,” said Lucara CEO William Lamb. “This financing will enhance our ability to accelerate key developments planned for 2026.”

The private placement is also conditional on the company not being required to obtain any shareholder approval. It anticipates closing will occur at the end of the month, subject to all regulatory approvals, including from the Toronto Stock Exchange (TSX).

Image: The Karowe mine. (Lucara Diamond Corp.)