FinancingWe had this news release on 5th May 2021 [https://lucaradiamond.com/newsroom/news-releases/lucara-secures-credit-approved-us-220-million-seni-122816/]
LUCARA SECURES CREDIT APPROVED US$220 MILLION SENIOR DEBT FACILITIES FOR THE UNDERGROUND EXPANSION OF THE KAROWE MINE AND EXTENDS AVAILABILITY OF ITS WORKING CAPITAL FACILITY
VANCOUVER, May 5, 2021 /CNW/ - (TSX: LUC) (BSE: LUC) (Nasdaq Stockholm: LUC)
Lucara Diamond Corp. is pleased to announce that it has received credit approved commitments from a syndicate of five Mandated Lead Arrangers (the "MLAs") for a senior secured project financing debt package of up to US$220 million (the "Facilities") to fund the underground expansion at Lucara's 100% owned Karowe Mine ("Karowe") in Botswana.
The Facilities will include two tranches: A project finance facility of US$170 million to fund the development of the underground project, and a working capital facility of US$50 million to support the on-going operation of the Karowe open pit mine. Financial closing of the Facilities is subject to satisfactory completion of definitive documentation, and satisfaction of certain terms and conditions, including appropriate KYC checks.
The MLAs are ING Bank N.V. ("ING"), Natixis ("Natixis"), Societe Generale, London Branch ("Societe Generale"), Africa Finance Corporation ("AFC") and Afreximbank ("Afrexim")
This clearly has nothing to do with the $38M bought deal syndicate led by BMO.
So what is going on?