Lionsgold Limited (LON:LION) has updated investors on its operations and revealed that its currently suspended shares won’t be readmitted to trading on AIM before the November 11 deadline, and, as a result, will be withdrawn from London’s junior market.
“This is obviously not ideal and we apologise to our shareholders for any angst this time off the market may cause,” chief executive Cameron Parry said in a statement.
“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.”
Parry added: “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.”
The Lionsgold boss told investors about the development work, on its gold currency and banking platform, that’s taken place in recent months.
“As the proposition has been developed over the past months, the opportunity and scope of the potential market have evolved considerably,” Parry said.
“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.”