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Lydian closes $35mln second deposit under stream

Monday, October 3, 2016 11:17
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Lydian International Ltd. (TSX:LYD) has received $35mln from Orion Mine Finance and Resource Capital Fund VI LP (RCF), the company said on Monday.

The gross proceeds represent the second deposit under the stream agreement entered into with Orion and RCF on Nov. 30, 2015.

Together with gross proceeds from the first deposit under the stream agreement received Dec. 7, 2015, the full amount of $60mln as contemplated under the stream agreement has now been advanced to Lydian.

“Engineering work for Amulsar continues to advance rapidly and has reached the point where we expect to mobilize bulk earthworks contractors to site in the coming weeks. Several key equipment orders are also imminent. We are pleased to receive this additional funding, which gives us cash on hand in excess of $150mln and supports advancing construction activities as scheduled,” said Howard Stevenson, Lydian’s president and chief executive officer.

The company will continue to review its financing and construction timelines, including the availability period for the term loan agreement with Orion and RCF.

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