Lucara Diamond, the BSE listed company, has been granted a final approval for trading of its shares on NASDAQ OMX First North in Sweden, a few weeks after it lodged an application.
The shares commenced trading on First North at the market opening on November 25, 2011, under the symbol LUC.
Lucara said the shares will continue to trade on the Toronto Stock Exchange and the Botswana Stock Exchange (BSE) under the same symbol.
“We are pleased to be able to offer our shareholders the opportunity to trade their shares on First North,” William Lamb, Lucara said.
“The listing on First North will facilitate our ability to satisfy investor appetite for our shares in Sweden. We look forward to welcoming many new shareholders to join Lucara on its exciting journey to become a well-established diamond producer,” he added.
E. ├ûhman J: or Fondkommission AB, part of the Pareto Securities group, has been engaged as the company’s financial adviser in conjunction with the listing and is Lucara’s Certified Adviser on First North.
Lucara is developing AK6 diamond mine in Botswana, however last week in its financial results, it indicated its existing funds were not sufficient to fully complete the project.
“As of September 30, 2011, and the expected proceeds from the sale of diamonds may not be sufficient to finance the anticipated expenditures of between US$120-130 million for the full development and construction of the AK6 mine, working capital requirements prior to the first anticipated diamond sale at AK6, the ongoing test mining program on the Mothae Project and general corporate expenses over the next twelve months,” it said in a statement accompanying the results.
Construction at AK6 has advanced from 55 percent complete at the end of Q2 to 84 percent complete at the end of Q3.
This is as per the August re-baselined schedule, which reflects the impact of the steel industry strike in July.
Luacara said listing in Sweden in a move aimed at spreading liquidity across the markets.