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Liongold up 0.58%, SBL up 23% in early trading
LionGold Makes S$69.6 Million All Share Takeover Offer For Signature Metals Limited, An Emerging, ASXListed Gold Exploration and Mining Company in West Africa
October 14, LionGold Corp. (LIGO:SP) --
• LionGold Corp Ltd (“LionGold” or “the Group”) has entered into an implementation deed to acquire all outstanding issued shares of Signature Metals Limited (“Signature” or “SML”) at A$0.02 per share, to be satisfied by the issuance of 80,409,330 LionGold Shares at S$0.8657 per share
• The proposed takeover offer thus values Signature Metals Limited at approximately S$69.6million.
• Under the terms of the Implementation Deed, SML will use its best endeavours to procure the execution by certain SML shareholders of the Pre-Bid Agreements so that, in aggregate, LionGold would receive undertakings from SML shareholders holding approximately up to 19.9% of the Signature Shares.
• Signature Metals is an ASX listed gold exploration and mining company which is producing gold at its flagship mine at the Konongo Gold Project on the world class Ashanti Gold Belt in Ghana West Africa.
• The Konongo Gold Project currently has JORC compliant resources of 23.4 million tonnes at a grade of 1.95g/t in the Indicated and Inferred categories for a total of 1.47 million ounces of gold. It contains 16 known gold deposits along 12 kilometres of strike of the Ashanti Gold Belt.
About LionGold Corp Ltd (Bloomberg Code: LIGO:SP / Reuters Code: LION:SI)
LionGold Corp Ltd (formerly known as “The Think Environmental Co Ltd”) is a Main Board SGX listed investment holding company focused on investing in and managing businesses that are engaged in the acquisition of gold mining licenses and development of these licenses into physical production. The Group currently owns or has interests in 17 mining licenses in 4 countries globally – Mali, Ghana, Mongolia and the Philippines. The Group has adopted a two pronged strategy for its gold mining efforts. First, an acceleration strategy to transform each artisanal and small-scale mine into commercialized mining operation. Second, the Group has put in place a continuous process of amassing more of these licenses in known gold-rich regions.
The Group is in the midst of a corporate transformation that is aimed at investing in and managing entities for the exploration for and exploitation of precious and other minerals, and natural resources. In addition to its Gold mining investments, the Group continues to have investments in renewable energy and an office equipment business. Its renewable energy business is primarily in Industrial Power Technology Pte Ltd (IPT), a leading turnkey supplier of biomass power plants in Southeast Asia whilst its office equipment business is located in the PRC.
For more information visit : www.liongoldcorp.com
Disclosure: CPS Securities has raised capital for SBL previously
"Mogi" Munkhdul Badral
Senior Client Manager / Executive Director
CPS International LLC
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