Lucara Gets $25 Million Revolving Credit Facility
February 23, 12
(IDEX Online News) – Lucara Diamond Corp. received a commitment letter from The Bank of Nova Scotia for a $25 million revolving term credit facility. The Company intends to use the facility to fund ongoing operations primarily at the Karowe Mine in
William Lamb, President and CEO of Lucara, said the securing the credit facility demonstrates the sound rating of the Karowe diamond mine.
"The facility provides the flexibility to fully commission Karowe and lead other corporate initiatives while avoiding shareholder dilution," he said.
The two-year facility will be secured by the assets of the company and certain of its subsidiaries. Up to $15 million dollars may be advanced prior to the delivery of security over the company’s Karowe assets.