Lachlan Star Limited: Announces Update on Working Capital Facility
06.02.2015 | Marketwire
PERTH, Feb. 6, 2015 - Gold miner, Lachlan Star Limited ("Lachlan Star" or the "Company") (ASX:LSA) (TSX:LSA) wishes to advise that, further to its December Quarterly Report released to the market on 2 February 2015, it received a draft of a "Gold Purchase and Sale Agreement" from Hamilton Place Associates LLC ("HPA") through which HPA would provide the working capital facility referred to in the Quarterly Report. This draft was withdrawn within 24 hours and replaced with a proposal under which HPA would have an option to purchase 100% of the shares in DMC Newco Pty Ltd, the Company's wholly-owned subsidiary which owns the Chilean operating companies.The Company is presently working through the terms of this proposal and expects to be in a position to respond to HPA within 24 hours. The Company will provide a further update to the market if and when agreement is reached with HPA on the terms of this proposed transaction. The Company anticipates that any such transaction will be subject to shareholder approval and the receipt of a favourable Independent Expert's Report.
RA Anderson
Company Secretary
For further information please visit www.lachlanstar.com.au.
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Contact
Lachlan Star Limited
Bob Anderson, Company Secretary
+61(0)8 9481 0051
bob.anderson@lachlanstar.com.au
www.lachlanstar.com.au