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Lydian International Ltd. (TSX:LYD) announced that it has entered into an agreement with a syndicate of underwriters led by Scotia Capital Inc. under which the underwriters have agreed to buy, on a bought-deal basis, 30 million shares of the company at C$0.55 each for a total of $16.5 million.
Lydian International Ltd. (TSX:LYD) announced that it has entered into an agreement with a syndicate of underwriters led by Scotia Capital Inc. under which the underwriters have agreed to buy, on a bought-deal basis, 30 million shares of the company at C$0.55 each for a total of $16.5 million.
As quoted in the press release:
In addition, the Company has granted the Underwriters an option (‘Over-Allotment Option’), exercisable in whole or in part, to purchase up to an additional 4,500,000 Ordinary Shares from the treasury of the Company at the offering price exercisable at any time on or up to 30 days following the closing of the Offering, for market stabilization purposes and to cover over-allotments, if any. In the event that the Over-Allotment Option is exercised in its entirety, the aggregate gross proceeds of the Offering shall be approximately $18,975,000.
The Company intends to use the net proceeds of the Offering to advance the Company’s Amulsar gold project and for general corporate purposes.
Closing of the Offering is expected to occur on or about February 4, 2015 and is subject to certain conditions including but not limited to the receipt of all regulatory approvals including that of the Toronto Stock Exchange.
Click here to read the full Lydian International Ltd. (TSX:LYD) press release.