LionGold placement called off on stock price volatility

Singapore

LIONGOLD Corp said the trading restrictions imposed on its shares put it at a "significant disadvantage" as they hinder its efforts to acquire undervalued assets.

The company yesterday called off its proposed placement of up to 180 million new shares at about $1.11 each, and up to 135 million new warrants at two cents each, to the placement subscribers, citing the share price's volatility. The termination was mutually agreed upon, it said. The proposed subscribers include Platinum Partners PPLO fund, Carnegie Hall Group and Spring Road Advisors.