Resource Sector Specialists Macquarie Bank Invests $2 Million
Toronto, Ontario -- November 6, 2009 -- Lydian International Ltd. (TSX:LYD) ("Lydian" or "the Company"), a diversified mineral exploration and development company, is pleased to announce that it has completed a non-brokered private placement with prominent financial investor and resource sector specialists Macquarie Bank Limited of 3,333,333 ordinary shares at a price of $0.60 per ordinary share for aggregate gross proceeds of $2,000,000. Lydian will pay a finder's fee equal to 1.5% of the gross proceeds of this part of the private placement. In addition, Lydian has placed a further 330,000 ordinary shares at a price of $0.60 per ordinary share for aggregate gross proceeds of approximately $200,000. Lydian will pay a fee equal to 6% of this part of the placement and issue 19,800 two year broker warrants at $0.64. All the ordinary shares and broker warrants issued are subject to a four month hold period.
Proceeds of the private placement will be used for continued exploration of the Company's mineral properties and for general working capital purposes.
"We feel privileged to have Macquarie Bank now on the share register" said Lydian's President and CEO, Dr Tim Coughlin "Macquarie is one of the largest and best recognized resource sector institutions in the World. Macquarie joins the International Finance Corporation, which is part of the World Bank Group, Newmont Mining Corporation and the European Bank for Reconstruction and Development as Lydian's increasingly impressive institutional shareholder base."
About Lydian International
Lydian is a diversified mineral exploration and development company incorporated in Jersey, with expertise employing "first mover" strategies in emerging exploration environments. Currently the Company is focused on Eastern Europe developing advanced precious and base metal assets in Armenia and in Kosovo (under UNSCR 1244). The two main projects are gold at Amulsar in Armenia, and zinc, lead, silver and gold at Drazhnje in Kosovo. Lydian also has a pipeline of promising gold and base metal exploration projects in the Balkans region, and operates a 50/50 gold and copper exploration joint venture with Newmont Overseas Exploration Limited, a subsidiary of Newmont Mining Corporation in the south Caucasus region including Amulsar. Lydian's management team has a track record of success in grassroots discovery, in acquiring and developing undervalued assets, and in building companies. Lydian has a strong social agenda and a unique understanding of the complex social and political issues that characterise emerging environments. The Company's two largest shareholders are Newmont Mineral Holdings B.V. (owned by Newmont Mining Corporation), and the International Finance Corporation (IFC), a member of the World Bank Group. More information can be found on Lydian's web site at www.lydianinternational.co.uk