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Lydian shares up 20% after stockholders approve $80mln finance

Lydian International shares gain more than 20% on Wednesday after the company announces shareholder approval of private placements worth $80mln

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Shareholders approve private placement funding

Lydian International (TSE:LYD) shares gained more than 20% on Wednesday after the company announced shareholder approval of private placements worth $80mln.

At the extraordinary general meeting of shareholders held on May 18, a total of 87.1% of shareholders approved the private placements with Orion CO-IV (ED) Ltd. and Resource Capital Fund VI LP (RCF) and issuance of certain warrants to Orion CO-IV (SO) Ltd. and RCF in connection with a credit facility dated November 30, 2015.

Lydian is an emerging gold developer, focused on its 100%-owned Amulsar Gold Project in Southern Armenia.

Lydian shares were up 21.3% at C$0.37 on Wednesday.

Quick facts: Lydian International Ltd.

Price: 0.075 CAD

TSX:LYD
Market: TSX
Market Cap: $57 m
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Lydian International Ltd. chief excited about "beginning" of Amulsar project

Howard Stevenson, chief executive of Lydian International Ltd, is very excited about the potential of  the group's flagship Amulsar gold mine in Armenia, where engineering work has now started. The group has $123mln in the bank, which will see it through all activity this year, he...

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