Huge fair-value swings for penny stock trio

Singapore

DRASTIC changes in the fair values of financial assets belonging to the troubled penny stock trio - Asiasons Capital, Blumont Group and LionGold Corp - led to huge swings in their latest quarterly results released this week.

Yesterday, LionGold also unveiled plans to raise net proceeds of $17.1 million for its gold-mining operations and for working capital, a month after it had aborted a private placement of shares and warrants to raise $202 million, citing volatility in its share price.

The stocks of these three companies came under trading curbs last month in a saga that saw the shares chalking up big gains earlier in the year before a sudden downward spiral.

On Tuesday, gold-miner LionGold posted a ballooning of net loss to $47.8 million for the second quarter ended Sept 30, from a net loss of $1.2 million a year ago. Loss per share was 4.89 cents, again…