Lucara Diamond Corp. announced that the Board of Directors has formally approved the Karowe underground expansion project, following the Financial Close and satisfaction of all Conditions Precedent pursuant to the previously announced senior secured project financing debt package of $220 million signed July 12, 2021. The Facilities include two tranches: A project finance facility of $170 million to fund the development of the underground project, and a $50 million working capital facility to re-finance the Company’s existing debt and to support on-going operations. A utilization notice from the US$170 million project loan facility has been accepted and first funding for the Karowe underground expansion is expected to be received in mid-September. Capital costs for the UGP totaling $534 million, will be met with funds from a combination of the Facilities, the projected cash flows from the Karowe open pit mine during the underground construction period, and the equity financings totaling CAD 41.4 million closed July 15 resulting in the UGP being fully financed. A full update on the UGP was released August 10.