Lucapa Diamond Company Limited advises that it has entered into a short-term loan facility agreement with New Azilian Pty Ltd, an entity associated with previous Lucapa Director and current major shareholder Mr Ross Stanley and represents a significant show of support for the Company and its work streams moving forward.
Under the Agreement, the Lender has provided the Company with a A$1.0 million secured loan facility. The Facility is on standard commercial terms and repayable in cash. Funds drawn down from the Facility will be used to conduct an airborne electromagnetic survey of the highly prospective Merlin tenement area and assist with general working capital requirements pending the receipt of a SML dividend.
Managing Director Alex Kidman commented: “The short-term facility allows the Company to conduct the planned geophysics program at the Merlin project which otherwise would have been delayed until after the upcoming wet season.
This program will give the Company a much better understanding of the kimberlite and base metal potential that might have been missed by the less sensitive EM surveys of 25 years ago. The Board thanks Ross for his ongoing support and show of confidence.”
The material terms of the Facility are set out in Annexure A of this announcement.
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