Key facts about Lucapa Diamond Company loan

Lucapa Diamond Company (ASX:LOM) has secured a $1 million short-term loan from New Azilian Pty Ltd. This loan, backed by major shareholder Ross Stanley, will fund an airborne electromagnetic survey on the Merlin tenement and support the company's working capital.

Lucapa Diamond Company loan announcement summary

Lucapa Diamond Company has announced a $1 million loan secured from New Azilian Pty Ltd. The funds will be used to conduct a crucial airborne electromagnetic survey on the Merlin tenement to identify potential resources and support general working capital. This loan reflects the confidence of stakeholders like Ross Stanley in Lucapa's projects. Lucapa is dedicated to enhancing its exploration capabilities, leveraging advanced technologies for resource development, and maintaining operational momentum. The company's strategic focus remains on increasing its exploration activities and securing financial stability through such supportive measures.

Executive insights on Lucapa's loan facility

The loan facility allows the company to proceed with the geophysics program, which would otherwise be delayed due to the wet season. The support from Ross Stanley is seen as a significant vote of confidence in Lucapa's operations.