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Lydian receives first advance from Swedish loan facility

Lydian is cracking on with construction of the Amulsar gold project in Armenia, which is almost one-third complete

Dollars and gold bars
Lydian plans to draw additional funds under the US$50mln SEK term facility

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.

READ Lydian International forging ahead to realise Armenia's largest gold mine

READ Lydian International gets US$25mln loan advance as construction continues apace in Armenia

“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.


 

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Price: 0.085 CAD

TSX:LYD
Market: TSX
Market Cap: $64.6 m
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Lydian International full steam ahead with construction building Armenia's...

Howard Stevenson, chief executive of the Armenia-focused gold mine developer Lydian International Ltd (TSE:LYD), updates Proactive's Andrew Scott on the construction of their Amulsar project. Gold output, beginning in 2018, is targeted to average greater than 200,000 ounces per year over...

on 09/08/2017

2 min read