Lionsgold Ltd (LON:LION) has been growing at a rapid pace, increasing its investments in a number of gold assets and becoming the majority owner of TRAC Technology.
The company bought TRAC Technology, which supported the development of Liongold’s gold digital currency Goldbloc, in May.
Shares are currently suspended following the acquisition of TRAC, now called Goldbloc Ltd, due to AIM regulations stating the company had “undertaken a fundamental change of business".
In the meantime, it’s business as usual for Lionsgold with plans to launch a mobile banking app for Goldbloc.
In early July, the company said the app was ready for live testing. It will do a pilot release initially to the first 200 iPhone users downloading the app and opening a current account.
Lionsgold is also live testing Mastercard debit cards for the Goldbloc currency.
The launch of the app comes after the company agreed to invest £1.2mln banking and compliance platform provider, Railsbank Technology Limited, in exchange for a 12.5% equity stake.
Lionsgold raises holding in Kalevala Gold JV
The other side of Lionsgold’s business is focused on gold exploration and production assets in India and Finland.
In April the company raised its holding in its Finnish joint venture (JV) company, Kalevala Gold, to 30% following the injection of additional working capital.
Kalevala has received permission to undertake test processing on an initial 200 tonne sample from the Kuikka gold deposit in order to fine-tune plant recoveries, bulk sampling procedures and protocols for a planned bulk sampling programme.
After completing the test sample, the company will seek permission to conduct a 5,000-tonne bulk sample of the Kuikka deposit.
Kalevala has also received an additional prospecting licence for an area covering 1,214 square kilometres, which will provide significant coverage of the gold-prospective Kuhmo Greenstone Belt.
Lionsgold ramps up investment in India
Lionsgold also recently raised its stake in India gold exploration and mine development company, Geomysore Services (India) Private Limited, to 21.15%.
A feasibility study completed at Geomysore's most advanced project, Jonnagiri, resulted in a decision to mine last year and new mining lease targets were identified in the southern part of the Kolar gold field.
“It is an exciting chapter Lionsgold is entering and we look forward to reporting on the company's many business opportunities and developments throughout the course of the year,” chief executive Cameron Parry said at the half year results in March.
To support its investments, the company last year raised £1.17mln in new equity capital through the exercise of warrants and management options and a part placing.