PERTH, WESTERN AUSTRALIA -- (Marketwired - July 2, 2014) - Gold miner, Lachlan Star Limited ("Lachlan Star" or the "Company") (TSX:LSA)(ASX:LSA) is pleased to announce that it has renegotiated its remaining CDN$3.75 million Credit Facility ("Facility") with Sprott Resource lending Partnership ("Sprott") effective 30 June 2014.
The terms of the renegotiation include the conversion of the Facility to a Gold Loan resulting in the removal of a both a CDN$1 million bullet payment due by 30 September 2014 as well as the final principal repayment of CDN$2.44 million due on 19 February 2015. Monthly principal and interest payments will be replaced by a monthly Gold Loan payment based on a fixed number of gold ounces multiplied by the monthly closing gold price. The term of the Gold Loan has been extended to 31 October 2016. As a consequence approximately $1.8 million of the Company's borrowings will be converted from current to non-current liabilities.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
For and on behalf of the Board
Scott Perry Chairman
To view the full announcement please click the link below: http://www.lachlanstar.com.au/images/RenegotiationCredit_Facility_010714.pdf
ABN: 88 000 759 535
Contact
Lachlan Star Limited Michelle McAuliffe +61(8) 9481 6006 michelle.mcauliffe@lachlanstar.com.au www.lachlanstar.com.au
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PERTH, WESTERN AUSTRALIA -- (Marketwired - July 2, 2014) - Gold miner, Lachlan Star Limited ("Lachlan Star" or the "Company") (TSX:LSA)(ASX:LSA) is pleased to announce that it has renegotiated its remaining CDN$3.75 million Credit Facility ("Facility") with Sprott Resource lending Partnership ("Sprott") effective 30 June 2014.
