Toronto, Ontario: April 14, 2010 – Lydian International Limited (“Lydian”) is pleased to announce that it has completed its previously announced marketed public offering of 13,700,000 ordinary shares at a price of $0.73 per share for gross proceeds of $10,001,000. The ordinary shares were sold through a syndicate of underwriters co-led by Cormark Securities Inc. and Dundee Securities Corporation and included Canaccord Capital Corporation and Dahlman Rose & Company, LLC (who participated only with respect to sales on an exempt basis in the United States). The underwriters also exercised an over-allotment option and purchased an additional 2,055,000 ordinary shares at a price of $0.73 per share for additional aggregate gross proceeds of $1,500,150.
Lydian is also pleased to announce that it has completed its previously announced private placement with International Finance Corporation, a member of the World Bank Group. International Finance Corporation purchased 2,436,575 ordinary shares at a price of $0.73 for gross proceeds of $1,778,699.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
For further information please contact:
+44 (0) 1534 747 890