Non-brokered deal will sell 22,683,468 ordinary shares at C$0.57 each
By Devika Patel
Knoxville, Tenn., April 4 - Lachlan Star Ltd. said it plans a C$12.93 million non-brokered private placement of stock.
The company will sell 22,683,468 ordinary shares at C$0.57 apiece. The price per share represents an 18.75% premium to C$0.48, the April 3 closing share price.
Proceeds will be used for additional spares inventory for crushing and ADR plants to increase plant availability, to advance capital works associated with increasing fluid flows and solution grades in leach pads, to advance capital works on ROM and dynamic pads and for general working capital purposes.
Lachlan Star is a gold and copper mining company based in Perth, Australia.
| Issuer: | Lachlan Star Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | C$12,929,577
|
| Shares: | 22,683,468
|
| Price: | C$0.57
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | April 4
|
| Stock symbol: | Toronto: LSA
|
| Stock price: | C$0.48 at close April 3
|
| Market capitalization: | C$45 million
|
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