Recently, Lucara further extension of working capital facility to December 31, 2023. Lucara Diamond announces a further short-term extension of the maturity of its $50 million senior secured working capital facility (the WCF) and a deferral of the requirement to place $52.9 million in a Cost Overrun Reserve Account (the CORA) to the earlier of the conclusion of discussions with its Lenders or December 31, 2023 (the Longstop Date).
An earlier extension granted by the Lenders was due to expire on December 15, 2023. Discussions to date with the Lenders have been constructive and several amendments to the Company’s debt package have been agreed in principle. Lender credit approval processes are ongoing.
The Company’s debt package consists of two facilities, a project finance facility of $170 million to fund the development of an underground expansion at the Karowe Mine, and the WCF which is used to support ongoing operations.
Presently, $90 million is drawn from the Project Loan and $35 million is drawn from the WCF. The terms of the WCF extension do not permit further draws from either the Project Loan or the WCF. The CORA balance is currently $18.5 million. All currency figures are in U.S. Dollars, unless otherwise stated.
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Heartiest congratulations to Team GJC on acquiring our own office. This marks a new milestone for the team. Wishing you greater success and many more achievements ahead 💐💐
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Congratulations to Team GJC on the inauguration of the new office. Best wishes from Team Heera Zhaveraat.
Read more:
https://heerazhaveraat.com/gjc-inaugurates-new-office-welcomes-economic-measures-and-presents-structured-roadmap/
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