LionGold proposes S$1m in IPTs at controlling shareholder's request.
CATALIST-LISTED LionGold Corp plans to scrap a subscription agreement for S$100 million in redeemable convertible bonds, ahead of a separate share issuance to a pair of Chinese private investors.
The company also entered into a conditional option agreement on Monday to issue some 500 million share options at 0.1 Singapore cent apiece to the sub-fund, in a private placement that will not require a prospectus or offer information statement to be lodged. If all the options are validly exercised, the option agreement is expected to yield S$450,000 in net proceeds, for use as working capital.
The board added that LionGold will appoint an independent financial adviser to provide an opinion about whether those transactions"are on normal commercial terms and are not prejudicial to the interests of the Company and its minority shareholders".
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