Lachlan Star Announces Renegotiation of Credit Facility
02.07.2014 | Marketwire
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.
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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