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Lachlan Star Ltd Announces CAD12.93 Million Non-Brokered Private Placement

Wednesday, 3 Apr 2013 10:38pm EDT 

Lachlan Star Ltd announced that it has entered into subscription agreements with accredited North American and European investors to raise a total of CAD12.93 million at an issue price of CAD0.57 a share from the issuance of 22,683,468 ordinary shares. The private placement is non-brokered and the issue price represents a 12% premium to the 5 day Volume Weighted Average Price (VWAP) for the Company‚Äôs ordinary shares on the Toronto Stock Exchange (the TSX) prior to April 02, 2013. A total of 22,683,468 ordinary shares will be issued on closing and the Company will receive gross proceeds of $12.93 million. The private placement is being completed to raise funds for the following purposes: $2.5 million for additional spares inventory for the crushing and ADR plants to increase plant availability; $0.75 million to advance capital works associated with increasing fluid flows and solution grades in the leach pads; $1 million to advance capital works on the ROM and dynamic pads; $8.68 million for general working capital purposes. 

Company Quote

-0.0020 -9.09%
19 Dec 2014