Non-brokered deal sells 16,403,486 ordinary shares at $0.0697 apiece
By Devika Patel
Knoxville, Tenn., Oct. 15 – Lachlan Star Ltd. said it has arranged a $1.14 million non-brokered private placement of stock with Hamilton Place Associates LLC.
The company will sell 16,403,486 ordinary shares at $0.0697 per share, which is nearly identical to the company’s $0.07 closing share price on Oct. 14.
Hamilton has also agreed to provide a prepaid gold loan working capital facility of at least $4 million to the company's subsidiary, Compañía Minera Dayton, by Dec. 31. The facility is dependent upon Lachlan Star having $4 million of cash and cash equivalents by Nov. 30.
Upon completion of the placement Peter Babin, a manager of Hamilton, will be appointed as a non-executive chairman of the company.
Lachlan Star is a gold and copper mining company based in Perth, Australia.
| Issuer: | Lachlan Star Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | $1,143,323
|
| Shares: | 16,403,486
|
| Price: | $0.0697
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Hamilton Place Associates LLC
|
| Pricing date: | Oct. 15
|
| Stock symbol: | Toronto: LSA
|
| Stock price: | C$0.07 at close Oct. 14
|
| Market capitalization: | C$10.31 million
|
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