LionGold unveils fresh share subscription deal

LIONGOLD Corp's bid to raise $5 million from a proposed share subscription evaporated yesterday as the remaining four would-be subscribers backed out of the deal. But the junior gold miner unveiled another subscription agreement with a Malaysian businessman to raise gross proceeds of $4.23 million.

The company said that the remaining four individuals withdrew from the first subscription deal "due to the ongoing investigation by the Commercial Affairs Department into an offence under the Securities and Futures Act", which was announced in April. In early May, two other investors withdrew from the deal for the same reason…