Lydian International Ltd (TSE:LYD) has received its first advance of US$32.8mln from the term loan with the Swedish Export Credit Corporation (SEK).
The proceeds provide reimbursement to Lydian for amounts previously paid by the company for the material handling systems at its 100%-owned Amulsar Gold Project in Armenia.
Additional funds will also be disbursed under the SEK term facility to the Swedish Export Credits Guarantee Board, which provides a guarantee covering 85% of principal and interest under the SEK Term Facility.
Lydian also announced receipt of the second advance of US$25 million under the term loan with Orion Co IV (ED) Limited and Resource Capital Fund VI LP ("RCF"). Proceeds of this advance will be used for ongoing construction at Amulsar.
“We plan to draw additional funds under the $50 million SEK Term Facility as we close out the equipment supply contracts with Sandvik and ABB later this year. We also appreciate the continuing support from Orion and RCF,” said Howard Stevenson, president and chief executive officer of Lydian.