Australian company issues shares to invest in diamond project in Angola

10 March 2020

The Lucapa Diamond Company has issued new shares with the aim of securing funds to invest in the expansion of its diamond mining project in Angola, according to statements published by the Australian Stock Exchange.

The Australian company is the operator of Sociedade Mineira do Lulo, with a 40% stake, which has as its partners state diamond company Endiama, with 32% and private Angolan company Rosas & Pétalas, with 28%.

The second issue will raise US$3.9 million with the placement of approximately 35.6 million shares subscribed by the current shareholders in the proportion of one new per 14 shares held at a unit price of $0.11.

The shareholders of the company had until 5 pm on Monday, 9 March, to issue the order to subscribe for new shares in proportion to the shares they hold.

Previously, the company raised US$2.8 million by issuing approximately 25.8 million shares at US$0.11 per share, with professional investors taking up the issue. (macauhub)