Lydian International Ltd.
TSX : LYD

Lydian International Ltd.

December 07, 2015 14:55 ET

Lydian Announces Closing of First Deposit Under Stream Agreement

TORONTO, ONTARIO--(Marketwired - Dec. 7, 2015) - Lydian International Limited (TSX:LYD) ("Lydian" or "the Company") is pleased to announce that it has received US$25 million from Orion Mine Finance ("Orion") and Resource Capital Fund VI L.P. ("RCF"), representing the gross proceeds of the first deposit under the stream agreement entered into with Orion and RCF on November 30, 2015. The remaining US$35 million deposit under the stream will be advanced three to nine months from November 30, 2015 provided certain conditions precedent are satisfied including, among other things, completion of the previously announced marketed public offering of subscription receipts of the Company, and the equity private placement totaling US$80 million by Orion and RCF. Lydian intends to convene a special meeting of shareholders to seek shareholder approval for the equity private placement in accordance with the requirements of the Toronto Stock Exchange.

About Lydian International Limited

Lydian is an emerging gold developer, focused on its 100%-owned Amulsar Gold Project, located in south-central Armenia. The Company's current mine development and construction plan for Amulsar is aimed at achieving average production greater than 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 and to directly contact us, please visit www.lydianinternational.co.uk.

Caution regarding forward-looking information

Certain information contained in this news release is "forward looking". All statements in this news release, other than statements of historical fact, that address events, results, outcomes or developments that the Company expects to occur are "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "intends", "anticipates" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", or "occur" or the negative connotation of such terms. Forward-looking statements in this news release include, among others, statements with respect to: the completion of a public equity offering and the equity private placements by Orion and RCF; convening a special meeting of shareholders to approve the equity private placement by Orion and RCF; and the Company's expectations regarding receipt of the second deposit under the stream agreement with Orion and RCF and the anticipated timing thereof.

All forward-looking statements in this news release are based on the opinions and estimates made as of the date such statements and are made and are subject to important risk factors and uncertainties, many of which are beyond the Company's ability to control or predict.

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, without limitation: changes in gold and silver prices; adverse general economic, market or business conditions; failure to satisfy the conditions precedent to the second deposit under the stream agreement; the Company being unable to meet its gold and silver delivery obligations under the stream agreement; regulatory changes; as well as "Risk Factors" included in the disclosure documents filed on and available at www.sedar.com. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

Contact Information

  • Lydian International Ltd.
    Howard Stevenson
    President and CEO
    +1 720-307-5080 (d) or +1 775-771-0739 (m)

    Lydian International Ltd.
    Doug Tobler
    CFO
    +1 720-307-5087 (d) or +1 303-905-4442 (m)