A diamond company has rebranded itself and is going back to Angola to search for high-quality diamonds close to where it previously unearth an especially large stone, Proactive Investors reports. The firm formerly known as Lonrho Mining has renamed itself the Lucapa Diamond Company and is looking to restart its drilling operations at the Lulo diamond concession.



The company had found a diamond weighing 131 carats and estimated to be worth approximately $3.5 million. Based on this find and others from Lulo, analysts believe that the concession can be tapped to produce better-than-average diamonds.



Lucapa will now conduct a low-level aeromagnetic survey, but in order to renew its license it will need to raise additional funds, according to Proactive Investors. To this end, the firm plans to raise $5.5 million from existing shareholders by granting them the right to purchase one additional share in the company at 0.9 cents for every four shares they already hold.