The company will use the funds to strengthen treasury at the operating company level and provide working capital cover to ramp-up operations at the Lace mine during the second half of 2015.
Under the deal, Lace will offer a 3% net revenue royalty to Acrux, subject to completion of satisfactory legal, financial and technical due diligence.
DiamondCorp CEO Paul Loudon said: "The Royalty with Acrux will provide significant cash at the operating company level without the dilution of a large equity issue or additional debt at a time when we consider DiamondCorp shares to be trading at a significant discount to the underlying value of the Lace mine.
"By creating an asset out of a small part of Lace’s future cashflow and exchanging that for cash now, we significantly boost cash reserves while only incurring a small reduction in management’s assessed net present value of DiamondCorp’s 74% interest in LDM."
The royalty will be paid on the first 12 million carats recovered from the Lace diamond mine based on net revenue generated after the deduction of diamond marketing costs.
After eight years, Lace Diamond Mines will have an option to repurchase the royalty at an independent valuation.