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by Arthur Yernjakyan
Lydian International Limited (TSX: LYD) ("Lydian" or the "Company"), a gold-focused mineral exploration and development company, is pleased to announce that it has completed its previously announced bought deal offering, pursuant to which it sold 15,000,000 ordinary shares ("Ordinary Shares") of Lydian at a purchase price of $1.00 per Ordinary Share (the "Offering Price"), for aggregate gross proceeds to the Company of $15 million, the official website of the Company says.
GMP Securities L.P., Scotia Capital Inc., BMO Nesbitt Burns Inc. and National Bank Financial Inc. (collectively, the "Underwriters") were the underwriters for the Offering. The Underwriters also exercised their over-allotment option in full and purchased an additional 2,250,000 Ordinary Shares at the Offering Price for additional gross proceeds to the Company of $2,250,000.
The Company intends to use the net proceeds of the offering to progress the Company's Amulsar Gold Project in Armenia, including the completion of a feasibility study and detailed engineering and for general working capital purposes.
Lydian International is a mineral exploration and development company with expertise in discovering and developing new gold projects in unfamiliar and frontier settings. Amulsar gold project based in Southern Armenia was a grassroot discovery made by Lydian International in 2006. Lydian's major shareholders are the International Finance Corporation, part of the World Bank Group, and The European Bank for Reconstruction and Development. Both these entities provide influential in-country support and valuable advice to manage environmental, social and governance risks.
It was previously announced that appointment of Howard H.J. Stevenson as the Company's new President and Chief Executive Officer will be effective as of February 24, 2014.