LionGold unveils fresh share subscription deal
It ties up with M'sian businessman as earlier bid fails
Add BT as a preferred sourceLIONGOLD 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.
The CAD probe came in the wake of a penny stock saga involving the shares of a few companies. LionGold said then that the white-collar crime department sought access to corporate electronic data, information technology equipment and data storage devices belonging to a non-executive independent director, Lynne Ng Su Ling, and an employee, Peter Chen Hing Woon.
Copyright SPH Media. All rights reserved.
