Lydian Closes Additional Financing With International Finance Corporation
TORONTO, ONTARIO--(Marketwired - March 25, 2015) - Lydian International Ltd. (TSX:LYD) ("Lydian" or "the Company") is pleased to announce that it has closed a private placement financing to International Finance Corporation ("IFC"), pursuant to which it issued and sold to IFC an aggregate of 2,478,661 ordinary shares of the Company at a price of C$0.55 per share, for aggregate gross proceeds of C$1,363,264 (the "IFC Placement"). The Company will use the proceeds of the IFC Placement to advance its Amulsar Gold Project in Armenia.
The IFC Placement was completed in connection with IFC's previously announced pre-emptive right to purchase its pro rata share of ordinary shares in respect of the issuance of 30,000,000 ordinary shares pursuant to the bought deal financing that closed February 4, 2015. The European Bank for Reconstruction and Development ("EBRD") had a similar pre-emptive right that it elected not to exercise. Both IFC and the EBRD continue to have the right to maintain their level of ownership interests in the Company in the event that the Company issues additional equity securities.
About Lydian International
Lydian is an emerging gold developer, focused on its 100% owned Amulsar Gold Project, located in Southern Armenia. The Company's current mine development and construction plan for Amulsar is aimed at achieving average production of 200,000 ounces of gold per year and establishing the Company as a high cash-flow producer. The Company is committed to best practices in all aspects of its operations including production, sustainability, and good corporate citizenry. For more information on Lydian please visit www.lydianinternational.co.uk.
About International Finance Corporation
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit www.ifc.org
Caution regarding forward-looking information
This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, mine site planning and development, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, permitting and licensing and other factors described above and in the Company's most recent annual information form under the heading "Risk Factors", which has been filed electronically by means of the Canadian Securities Administrators' website located at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Contact
Lydian International Ltd.
Doug Tobler
Chief Financial Officer
+1 720-307-5087 (direct) or +1 303-905-4442 (mobile)
douglas.tobler@lydianinternational.co.uk
Moreinfo@Lydianinternational.co.uk