Gold and mineral exploration firm Lydian International Ltd entered a deal with two of its shareholders to sell 4,731,000 ordinary shares for C$4.73 million. International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (ERBD) purchased the shares at C$1 apiece, according to Proactive Investors.
Lydian president and Chief Executive Officer (CEO) Howard Stevenson said: "At this crucial permitting stage in the development of the Amulsar Project, we continue to enjoy demonstrable support from our important shareholders, IFC and EBRD. With IFC and EBRD, we continue to invest directly in Armenia and remain committed to achieving our ultimate goal of advancing the Amulsar Project to profitable commercial production in accordance with best industry practices for social and environmental sustainability."
Under the terms of the said deal, either of the two investors can nominate their chosen candidate for Lydian's board. The Jersey-based explorer plans to use the sale proceeds to fund its project in Armenia, The Wall Street Journal (WSJ) detailed.
The transaction is expected to close on or before April 18, 2014, the report added.
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