Lydian International Ltd. (TSX: LYD) (“Lydian” or “the Company”), a gold-focused mineral exploration and development company, is pleased to announce that it has completed the acquisition of the remaining 5% minority interest (the “Minority Interest”) in its subsidiary, Geoteam CJSC (“Geoteam”), pursuant to the terms of its previously announced option purchase agreement dated December 9, 2010 between Lydian and Hayk Aloyan. As a result of the acquisition, Lydian now indirectly owns 100% of the Lydian discovered Amulsar gold project in Armenia through its 100% ownership of Geoteam.
The purchase price for the Minority Interest was satisfied by the Company in full by paying to the vendor CAD 0,000 in cash on December 22, 2010, and issuing to him 2,000,000 ordinary shares (the “Payment Shares”) in the capital of the Company. The Payment Shares were issued in installments of 500,000, 250,000, 250,000, 250,000 and 750,000 on January 18, 2011, June 27, 2011, December 20, 2011, June 25, 2012 and September 24, 2012, respectively.
“The acquisition of 100% of the Amulsar gold project marks a significant step for Lydian.” said Tim Coughlin, Lydian’s President and Chief Executive Officer. He also added that “we continue to focus on our goal of commencing production at Amulsar and creating value for all of our stakeholders, including the country of Armenia and its local communities that support the project and our shareholders”.
12:07 October 30, 2012