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Lachlan Star Ltd Announces CAD8 Million Non-brokered Private Placement And Promotion Of COO To CEO Position

Sunday, 29 Sep 2013 10:18pm EDT 

Lachlan Star Ltd announced that it has entered into subscription agreements with accredited North American and European investors to raise a total of CAD8 million at an issue price of CAD0.20 a share from the issuance of 40 million ordinary shares. e private placement is non-brokered and the issue price is priced at the five day Volume Weighted Average Price (VWAP) for the Company’s ordinary shares on the Toronto Stock Exchange (the TSX) as of the close of trading on September 27, 2013. The placement will be completed in two tranches. he placement is not underwritten. Ordinary shares issued under the placement to North Americans will be subject to the customary four-month hold period from the date of issue. The net proceeds of the private placement will be used to fund development and working capital at the Company’s 100% owned CMD Gold Mine in Chile. The Company also announced that it has promoted its Chief Operating Officer (Bira de Oliveira) to the vacant position of Chief Executive Officer (CEO). Mr de Oliveira joined the Company in May 2012. 

Company Quote

12 Feb 2015