LionGold restructures existing bonds, proposes new issue

LionGold Corp has over the weekend announced a restructuring of US$17 million of existing convertible bonds that were due last month. In addition, it has proposed a new issue of up to S$100 million principal amount of 2.5 per cent redeemable convertible bonds due 2018.

The holder of the existing convertible bonds as well as the subscriber for the new bonds are different sub-funds of Premier Equity Fund, managed by Value Capital Asset Management Pte Ltd. The Singapore-incorporated fund management company is registered with the Monetary Authority of Singapore.

LionGold, which is involved in gold mining and exploration, was one of three penny counters whose shares were pounded in late-2013 after scaling dizzying heights.

On Friday, the counter closed unchanged at 2.1 Singapore cents.