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PERTH, WESTERN AUSTRALIA -- (Marketwired - Nov. 8, 2013) - Gold miner, Lachlan Star Limited ("Lachlan Star" or the "Company") (TSX:LSA)(ASX:LSA) is pleased to announce that it has closed the previously announced Tranche 2 non brokered private placement for gross proceeds of C$5 million at an issue price of C$0.20 per ordinary share for 25 million ordinary shares, other than proceeds of CDN$123,000 in respect of 617,394 shares which are expected to be received later today.
Due to strong demand from institutional investors, the Company elected to complete a second placement for additional gross proceeds of C$1.5 million at an issue price of C$0.20 per ordinary share for 7.5 million ordinary shares. The second placement will be issued within the Company's existing share issue capacity without shareholder approval.
Total gross proceeds amount to C$6.5 million and shares were placed to accredited North American and European investors. Finders fees consisting of 3.4% cash and 1,097,561 warrants are payable on the private placements. On receipt of the remaining CDN$123,000 placement funds the Company's capital structure will consist of 146,607,273 shares and 3,243,019 warrants/options with a weighted average strike price of A$0.91.
The completion of these private placements further strengthens the Company's balance sheet and provides additional financial flexibility.
To view the full announcement please click the link below: http://www.lachlanstar.com.au/images/081113_LSA_Private_Placement_Closing_(2).pdf
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