TIDMLION
RNS Number : 6476E
Lionsgold Limited
19 October 2018
Lionsgold Limited
("Lionsgold", "LION" or the "Company")
Admission to Trading of Shares Update
Lionsgold (LSE: LION), the gold company focused on the
exploration, production and retail application of physical gold,
including the development of the physical gold currency "Goldbloc",
is pleased to provide the following update.
Over the past several months, whilst the Company's shares have
been suspended from trading on the London Stock Exchange AIM market
"AIM", Lionsgold has been expanding its vision and developing its
commercial plans to deliver its physical gold currency within
mainstream banking networks. This proposition has evolved into a
full-reserve banking platform combined with a hard currency, and
the Company is nearing completion of refining its brand position
and strategy to communicate the expanded scope. In addition, as
part of Lionsgold's vertically integrated business strategy, the
Company has been concurrently progressing its gold exploration and
production interests.
Cameron Parry, Chief Executive Officer, commented: "The team at
Lionsgold have been hard at work developing the Company's gold
currency and banking platform. As the proposition has been
developed over the past months, the opportunity and scope of the
potential market has evolved considerably. We are in the process of
finalising our brand positioning, product offering and B2B2C
business model, during the current live testing phase, to maximise
the Company's long-term commercial opportunity.
"The second half of the calendar year has been an exciting
period for Lionsgold evolving its product and scalability,
irrespective of the fact that LION shares have been suspended from
trading.
"Concurrently during this period Lionsgold has been supporting
and progressing our strategic mining interests in India and
Finland, and we look forward to providing an update in regards to
those projects over coming weeks.
"Since suspension to trading of LION shares, the Company has
received injections of new capital through the exercise of warrants
that were issued in placings conducted in 2017 and 2016, and
Lionsgold continues to add to its tally of cash injections
periodically through the exercise of the remaining balance of
placing warrants due to otherwise expire by the end of this
calendar year.
"Headcount at the Company is increasing and as we approach the
launch of the hard currency product, further employees, contractors
and developers are being added to the team, together with
marketing, legal and regulatory professional support across
multiple jurisdictions.
"With regards to the re-admission to trading of Lionsgold's
ordinary shares, we are working with our advisers toward the
outcome of seeing the Company's shares being quoted once again on
AIM. Due to the time necessary to evolve our core business, the
readmission process will not be completed by 11 November 2018. As a
result, in accordance with Rule 41 of the AIM Rules for Companies,
the admission of Lionsgold's shares to trading on AIM will be
cancelled with effect from 12 November 2018. This is obviously not
ideal and we apologise to our shareholders for any angst this time
off the market may cause. The Company plans to progress with its
application to see our shares admitted to trading on AIM following,
among other events, Lionsgold's AGM to be held in mid-December
2018.
"In addition to the Notice of AGM, updates will be released in
the lead up to 12 November 2018 regarding Lionsgold's 100% owned
fintech operations, its approximate 22% equity participation in
India's leading gold exploration company, Geomysore Services
(India) Private Limited, and Lionsgold's 30% joint venture ("JV")
stake in Finnish gold exploration and production JV company,
Kalevala Gold Oy."
Michael Corcoran, Chairman of Lionsgold, additionally commented:
"As a result of the time required to methodically expand the
business model and increase the potential market opportunity,
recruit additional personnel and develop the product positioning,
Lionsgold shares will be cancelled from trading on AIM on 12
November 2018. The Board remains committed to restoring the
Company's shares to being quoted on AIM and is targeting a date in
Q1 2019 for readmission. The Board apologises for the lack of
liquidity for shareholders in the interim. The decision to
prioritise establishing the expanded businsess proposion rather
than seek an immediate return to the market was not one taken
lightly but the Board is confident that these developments will
ultimately deliver a superior result for shareholders and customers
alike.
"The Board of Lionsgold thanks all of our shareholders for their
patience during this period and we look forward to releasing
further information to LION shareholders over the coming weeks that
we believe will begin to explain the additional time taken to
maximise the Company's commercial opportunity."
Overview
Subsequent to it being determined that Lionsgold had undertaken
a fundamental change of business following the full acquisition of
TRAC Technology Limited (now renamed Goldbloc Limited), on 11 May
2018 the Company's ordinary shares were suspended from trading
under Rule 14 of the AIM Rules for Companies.
Since that time, Lionsgold has refined its business plan and
corporate strategy to focus on its financial technology operating
business coupled with strategic mining interests. The development
undertaken at Lionsgold during the period has encompassed
attracting additional personnel including to the board, which is in
the process of being augmented. A further announcement relating to
Director appointments is expected to be released prior to 12
November 2018.
The Company's core financial technology platform, being the gold
currency known to date as "Goldbloc(R)" has evolved considerably
and the Company has been working with a leading London advertising
agency to develop the branding and consumer messaging to better
communicate the purpose and benefits of the product and scope for
future ambitions. A further update regarding the gold currency and
full-reserve banking platform will be released to market prior to
12 November 2018.
EMD Agent
Further to the announcement of 7 November 2017, Lionsgold
clarifies that its wholly owned subsidiary, Goldbloc Limited, is
the entity named as EMD (Electronic Money Directive) Agent
(Financial Conduct Authority Reference Number 902059) under the
FCA-licensed E-Money Instituion, PayrNet Limited (FCA Reg. No.
900594.
Enquiries:
Lionsgold Limited Tel: +44 (0)20 8065 0215
Cameron Parry (Chief Executive Officer)
WH Ireland Limited (Nominated Adviser) Tel: +44 (0)113 394 6600
Tim Feather/Chris Viggor
Smaller Company Capital Limited (Broker) Tel: +44 (0)20 3651 2911
Rupert Williams / Jeremy Woodgate
About LIONSGOLD Limited (LSE: LION)
Lionsgold is a London Stock Exchange AIM market quoted,
gold-focused company involved in the exploration, production and
retail application of physical gold, with gold assets in India and
Finland and a wholly owned financial technology company developing
the digital gold currency, "Goldbloc(R)".
Lionsgold's three core focuses are:
-- Strategic partnership with leading India gold exploration and
mine development company, Geomysore, in which Lionsgold holds
21.65%;
-- Developing the digital gold currency "Goldbloc(R)" under its
wholly owned financial technology subsidiary and 12.5% holding in
banking platform developer Railsbank Technology Ltd, to enable
customers to utilise direct ownership of physical gold as a
currency via the international banking system; and
-- Gold exploration and production in Finland via 30% ownership of Finnish joint venture.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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