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TORONTO, ONTARIO--(Marketwire - March 28, 2012) - Lydian International Ltd. (TSX:LYD) ("Lydian" or "the Company"), a gold-focused mineral exploration and development company, is pleased to announce that it has closed its previously announced private placement financing, pursuant to which it issued and sold to European Bank for Reconstruction and Development ("EBRD") an aggregate of 1,419,732 ordinary shares of the Company at a price of CAD $2.56 per share, for aggregate gross proceeds of CAD $3,634,513.92 (the "EBRD Placement"). The EBRD Placement follows the exercise by EBRD of its pre-emptive rights related to the Company's recent bought deal financing with GMP Securities L.P. and Scotiabank, pursuant to which it sold 17,968,750 ordinary shares of the Company at a purchase price of CAD $2.56 per share, for aggregate gross proceeds of CAD $46,000,000. The Company has agreed to use the net proceeds of the EBRD Placement exclusively for exploration work and studies at its Amulsar gold project in Armenia. |
