Toronto, Ontario -- November 9, 2009 -- Lydian International Ltd. (TSX:LYD) ("Lydian" or "the Company"), a diversified mineral exploration and development company, today announced that it intends to make certain amendments (the "Amendments") to the terms of up to 3,454,300 outstanding warrants (the "Warrants") of the Company to reduce the exercise price of the Warrants from $1.55 per share to $0.80 per share and extend the expiry date of the Warrants from December 27, 2009 to October 27, 2010 (subject to earlier expiry if the closing price of the Company's ordinary shares on the Toronto Stock Exchange (the "TSX") is equal to or greater than $0.90 for five consecutive trading days and the company provides notice to the holders of an accelerated expiry date).
The Warrants were issued as part of a private placement financing that closed in December, 2007. Of the 3,454,300 Warrants, 1,124,000 Warrants are held by insiders of the Company.
The TSX has conditionally approved the Amendments, subject to the Company fulfilling all the conditions of such approval, including obtaining the prior approval of any Amendments to Warrants held by insiders of the Company by a majority of the Company's shareholders voting at a shareholders meeting, excluding the holders of Warrants who are insiders of the Company (the "Disinterested Shareholders"). The Company intends to seek the approval of Disinterested Shareholders at its next meeting of shareholders of the Company (expected to be in May 2010) to effect the Amendments to Warrants held by insiders of the Company. In order to give effect to the Amendments, the Company also intends to seek the written agreement of the holders of the Warrants. The effective date of the Amendments to the Warrants of holders who are not insiders of the Company is expected to be November 20, 2009.
About Lydian International
Lydian is a diversified mineral exploration and development company with expertise employing "first mover" strategies in emerging exploration environments. Currently Lydian 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 and Caucasus regions, and operates a 50/50 gold and copper exploration joint venture with Newmont Overseas Exploration Limited, a wholly owned subsidiary of Newmont Mining Corporation in the south Caucasus region.
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 characterize emerging environments. The Company's three largest shareholders are the International Finance Corporation (IFC), a member of the World Bank Group, Newmont Mineral Holdings B.V. (owned by Newmont Mining Corporation), and the European Bank for Reconstruction and Development (EBRD). More information can be found on Lydian's web site at www.lydianinternational.co.uk