Gold explorer Lionsgold Limited (LON:LION) has raised £550,000 to fund its mine expansion in India and also its online gold trading platform IndexGold. Shares were issued at 1.1p, on par with the market price, with warrants attached that exercise at 1.5p. Chief executive Cameron Parry subscribed for 3mln or 6% of the issue to give him a 3.9% stake.
WATCH: Lionsgold's boss 'delighted' to secure £550,000 strategic financing at no discount
Parry said he was delighted it got the funding away at no discount to the prevailing share price. "Near-term commercial objectives include: Completion of the feasibility study at Jonnagiri and potential for a Mine Developer/Operator contract to be agreed; undertaking a bulk sampling campaign in Finland to produce gold in H2 this year and see our Finnish JV self-funded; and implementation of the digital marketing and product development strategy of IndexGold."