Under the issue, shareholders will receive one Lucapa share at an issue price of $0.009, for every four shares held.
The raised capital will be used for license renewals as well as working capital, while exploring for extended targets, the company said.
A 12-18 month drill testing at the Lulu diamond concession began in September 2012, and Lucapa aims to sample 61 kimberlite targets during the period.
The company intends to extend the program following a detailed geological review of all magnetic targets near the BLK_08 alluvial bulk sample.
Lucapa had intersected a 131.4 carat diamond, valued at $3.51m, in August 2012, at the 3000km² concessions.
Currently, the diamond company will undertake a low-level aeromagnetic survey over the previously uncovered strip, situated in proximity to the original bulk sample. With this survey, Lucapa will enhance priority kimberlite targets for drill testing.
