Lachlan Star Limited
TSX : LSA
ASX : LSA

Lachlan Star Limited

August 14, 2013 07:30 ET

Lachlan Star Limited: Issue of Share Options in Lieu of Non-Executive Director Fees

PERTH, WESTERN AUSTRALIA--(Marketwired - Aug. 14, 2013) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

Perth, Western Australia: Gold miner, Lachlan Star Limited ("Lachlan Star" or the "Company") (ASX:LSA)(TSX:LSA) announces that to assist in the preservation of the Company's cash resources the non-executive directors have offered to take their 2014 financial year director fees of $50,000 per person in share options in lieu of cash. Accordingly the Board has resolved to issue 3.2 million unlisted share options equally to the four non-executive directors subject to regulatory approval and shareholder approval at the Company's November 2013 Annual General Meeting.

The share options will have a 2 year term from date of issue and an exercise price of $0.30 per option. The closing share price of the Company on ASX on 7th August was $0.20 and the five day VWAP ending on the same day $0.22. The number of options that equated to the directors' fees was calculated with reference to an option pricing model.

To view the full announcement please click the link below: http://www.lachlanstar.com.au/images/LSANonExecOptions140808.pdf

ABN: 88 000 759 535

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