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Strong investor demand has prompted an expansion of Lucara’s previously announced non-brokered private placement to C$165 million, as the company accelerates development of the Karowe underground project (UGP) in Botswana.
The Vancouver-based miner will issue up to 1.03 billion common shares at C$0.16 per share, more than doubling its original plan to raise C$70 million through 437.5 million shares. Proceeds will be used primarily to advance the Karowe UGP including shaft equipping, conveyance commissioning, lateral development and extraction and drill horizon work, with additional funds allocated to working capital and general corporate purposes.
Lucara President and Chief Executive Officer William Lamb said the upsized financing reflects sustained confidence in the company’s strategy and asset base. “The decision to upsize this equity financing reflects strong investor demand, led by the continued support of the Lundin Family Trusts. The upsized proceeds meaningfully strengthen the company’s capacity to advance the Karowe UGP and execute key development milestones targeted for 2026,” said Lamb.
Trusts settled by the late Adolf H. Lundin have indicated their intention to subscribe for up to C$70 million of the placement to maintain and potentially increase, their interest in the company. Nemesia, a private entity controlled by the Lundin Family Trusts, remains Lucara’s largest shareholder. The expanded financing strengthens the company’s balance sheet and positions it to advance one of Botswana’s most significant long-life diamond assets into its next phase of production.
