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Lionsgold makes an offer to take control of Goldbloc digital currency ahead of UK launch

The gold junior wants to consolidate the ownership of TRAC Technology, which is the other part-owner of the new digital currency
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The Goldbloc digital currency is coming to the UK soon

Lionsgold Limited (LON:LION) told investors that it has now made an offer to acquire all of the Goldbloc digital currency.

The company presently owns 55% of TRAC Technology, the developer of Goldbloc, and it has now made a £1.35mln share-for-share offer to the remaining shareholders. It would see the consideration shares paid to TRAC shareholders priced at 2.3271p each, giving the business a valuation of £3mln.

READ: Lionsgold pleased with progress of its Finnish joint venture

It said that the consolidation of the ownership of TRAC would increase flexibility and shorten timeframes for implementing corporate and business strategies for Goldbloc.

"The Goldbloc mobile phone banking application is on schedule for release in the UK this quarter,” said David Price, Lionsgold non-executive chairman.

“The board considers the full buy-out of TRAC to be strategically and operationally important and we believe the timing of this corporate transaction at the current valuation to be opportune as we expect the understanding, acceptance and value of Goldbloc to increase with product rollout. 

Price added: “The offer has been made to all TRAC Shareholders and should the value of Goldbloc increase, current TRAC shareholders who accept the offer would share in the benefit of that increase as Lionsgold shareholders.

"We look forward to providing further details upon completion of the offer."

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