By reading the recent announcements, you can get an...

By reading the recent announcements, you can get an understanding of possibly were the Capital raising may be directed to. We have just received 5mil dividend from Lulo so do not think it’s for there and if it was, any capital equipment and exploration expenses there result as payable debt by SML. Angola’s Lulo mine as with Lesotho’s Mothae mine imo both in production phases returning positive results whether by means of mining alluvial or kimberlites.
Latest announcement re. Merlin basically need 96mil capital expenditure pre production phase and with the current price of rough diamonds seems they want to get the ball rolling on Merlin. My guess Capital raising needed here considering last quarter result showed receivables and cash of 29mil. + 19mil dividend and cap loan repayment from Lulo to LOM.
By fast tracking Merlin results in 3 strong diamond producing mines transforming Lucapa into a mid tier diamond producer, benefical to all SH.