Lucara Seeking $60M to Develop the AK6 and Mothae Diamond Mines

(IDEX Online News) - Lucara Diamond Corp. will carry out a non-brokered private placement of up to $60 million, offering 60 million common shares at $1.00 per share. A finder's fee of up to 5 percent in cash may be payable on a portion of the gross proceeds of the private placement.

The diamond miner plans to use proceeds of the placement towards the development of its AK6 diamond mine in Botswana and its Mothae diamond mine in Lesotho as well as for general working capital purposes.

The fully owned AK6 project is in the construction stage with mine commissioning scheduled to commence in the fourth quarter of 2011.  The 75 percent owned Mothae mine is currently in the trial mining stage.

Both Mothae and AK6 are world class assets. Diamond values from both could significantly increase with the continued recovery of Type IIA and large stones.