Lydian International will receive 2.13 million Canadian Dollars after
the European Bank for Reconstruction and Development increased its
share in the company, News.am reports.
The EBRD will purchase 3.8 million shares of Lydian International.
The current price of the shares is C$2.40. The new shares were issued
in two portions of 1.9 million shares, worth C$0.53 and C$0.59 each.
Lydian International said it has about C$20 million in cash. The
company said that C$2 million will be paid by the International
Finance Corporation of the World Bank.
Lydian International is developing gold mining at Amulsar in Armenia.
It had positive estimates at Tigranes and Artavasdes. They hold about
2.5 million ounces of gold. An additional 460,000 ounces are expected
in Erato and Amulsar. The NPV will increase to $614 million.
