Non-brokered deal sells 22,683,468 ordinary shares at C$0.57 per share
By Devika Patel
Knoxville, Tenn., May 21 - Lachlan Star Ltd. said it took in C$285,000 in the second tranche of a C$12.93 million non-brokered private placement of stock. The deal priced April 4 and raised C$3.86 million on April 16.
The company is selling 22,683,468 ordinary shares at C$0.57 apiece. It sold 6,765,000 shares in the initial tranche and 500,000 shares in the second tranche.
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 the crushing and ADR plants to increase plant availability, to advance capital works associated with increasing fluid flows and solution grades in the leach pads, to advance capital works on the 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
|
| Settlement date: | April 16 (for C$3,856,050), May 21 (for C$285,000)
|
| Stock symbol: | Toronto: LSA
|
| Stock price: | C$0.48 at close April 3
|
| Market capitalization: | C$18.74 million
|
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