Lucara extends $50 million working capital facility another two weeks

By Wendy Van Sickle

Columbus, Ohio, Dec. 15 – Lucara Diamond Corp. received another short-term extension of the maturity of its $50 million senior secured working capital facility and also an extension to the deferral for the requirement to place $52.9 million in a cost overrun reserve account, according to a press release.

The working capital facility has been extended to Dec. 31 after a previous extension to Dec. 15.

The cost overrun account balance is currently $18.5 million, up from $18.4 million.

The total debt package consists of a $170 million project loan and the working capital facility.

Presently, $90 million is drawn on the project loan and $35 million is outstanding on the working capital facility.

The initial extension froze further draws.

Lucara is a diamond explorer based in Vancouver, B.C.

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