LionGold Corp

http://infopub.sgx.com/Apps?A=COW_CorpAn...uddies.com

COO Mr Gill has resigned following a disagreement about operational matters.

http://www.businesstimes.com.sg/premium/...n-20140703

PUBLISHED JULY 03, 2014
LionGold whiplashed by Australian units' suspension
BYANITA GABRIEL
anitag@sph.com.sg @AnitaGabrielBT
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AS junior gold miner LionGold Corp continues to struggle to get its financial house sorted out in painstaking baby steps, the pressure is spilling over to some of its key assets abroad.
Less than two weeks after the firm - one of three still reeling from the whiplash since last October's penny stock crash - said that it was having a headache furnishing information to the auditors of its Bolivian mining subsidiary, it is now facing a similar issue with an Australian miner.
LionGold, whose stocks, along with Asiasons Capital and Blumont Group's, are the subject of a probe by the Commercial Affairs Department into possible breaches of securities laws, yesterday announced that shares of its 77 per cent-owned Australian-listed gold miner Signature Metals have been suspended from trading since Monday.
It cited Signature Metals's failure to lodge its annual report within the timeframe required under Australian Stock Exchange listing rules as the reason for the suspension. The delay in releasing its full year results by end-June was due to the company's inability to finalise the carrying value of its assets and liabilities, said Signature Metals in an announcement to the ASX which was released by LionGold on the Singapore Exchange yesterday. For this, Signature is now sorting out its funding requirements with majority shareholder LionGold.

http://www.businesstimes.com.sg/premium/...s-20140903

PUBLISHED SEPTEMBER 03, 2014
LionGold, Blumont clarify reports
BYNISHA RAMCHANDANI
nishar@sph.com.sg @Nisha_BT

GOLD miner LionGold Corp and Blumont Group have issued clarifications in relation to a story carried by The EdgeSingapore and The Edge Malaysia this week on the penny stock crash which took place last October.
LionGold's stocks, along with Blumont's, are the subject of a trading probe by the Commercial Affairs Department into possible breaches of securities laws.
The article which ran in The Edge, entitled Hunting for the Truth, alleges that Malaysian businessman Soh Chee Wen has been identified by the authorities as the ringleader behind the incident.
In a release to the Singapore Exchange on Tuesday, LionGold stressed that "no single individual has or ever had unfettered authority" over the group's business and affairs. It also emphasised that LionGold has rigorous procedures in place to ensure high standards of corporate governance.

http://www.businesstimes.com.sg/premium/...0-20140904

PUBLISHED SEPTEMBER 04, 2014
LionGold delays Aussie deal to Sept 30
BYKENNETH LIM
kenlim@sph.com.sg @KennethLimBT

LIONGOLD Corp has delayed a planned acquisition of Australian gold mining and exploration assets for a second time, with the new deadline pushed to the close of Sept 30.
No reason was given for the latest delay or the previous one.
The gold mining company on June 30 announced that its Australian subsidiary, LionGold Australia, had inked a non-binding heads of agreement to buy a pre-development project and an early exploration project in New South Wales.
The consideration of the deal was to be as much as A$12 million (S$14 million), depending on valuations of the assets. The price was to be paid in A$2 million of cash and shares at a minimum price of 4 Singapore cents apiece.

The auditor, PwC, has done a very unfavorable "disclaimer" on LionGold's account. It is indeed a very hard decision with its client....

(not vested)

Independent auditor raises worries about LionGold’s ability to continue as going concern

SINGAPORE (Oct 27): PricewaterhouseCoopers, the independent auditor for LionGold, has pointed out the existence of material uncertainties in its full-year financial statements as well as an continuing police probe that cast “significant doubt” about the group’s ability to continue as a going concern.

In the financial year ended March 31, LionGold had reported a loss of $189.1 million and net cash outflow of $23.2 million. While the group claims it has embarked on various initiatives to obtain funding for its investment and operational needs, PwC says in an independent auditor’s report dated Oct 23 that it is “unable to obtain sufficient appropriate audit evidence regarding the likely outcome of these initiatives”.

“If the group is unable to raise the required funding, it may be unable to continue in operational existence for the foreseeable future and adjustments would have to be made to the financial statements,” said the auditor the report.

Furthermore, PwC says the LionGold and one of its subsidiaries were served notices by the Commercial Affairs Department (CAD) of the Singapore Police Force in relation into an offence under the Securities and Futures Act, Chapter 289.

“As the CAD has not provided details of its investigation, we are unable to ascertain (a) whether the investigation would have an impact on the group’s ongoing business operations; and (b) significance of adjustments, of any, that mat arise from the investigation, to the accompanying financial statements,” added PwC.

For these reasons, PwC says it has issued a disclaimer of opinion for the financial statements of LionGold for the financial year ended 31 March 2014.
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http://www.theedgemarkets.com/sg/article...ng-concern

Typical pump and dump... raided and leave to rot... efficient policemen what is the outcome... more than 1 yr liao...

(27-10-2014, 09:59 AM)CityFarmer Wrote: The auditor, PwC, has done a very unfavorable "disclaimer" on LionGold's account. It is indeed a very hard decision with its client....

(not vested)

Independent auditor raises worries about LionGold’s ability to continue as going concern

SINGAPORE (Oct 27): PricewaterhouseCoopers, the independent auditor for LionGold, has pointed out the existence of material uncertainties in its full-year financial statements as well as an continuing police probe that cast “significant doubt” about the group’s ability to continue as a going concern.

In the financial year ended March 31, LionGold had reported a loss of $189.1 million and net cash outflow of $23.2 million. While the group claims it has embarked on various initiatives to obtain funding for its investment and operational needs, PwC says in an independent auditor’s report dated Oct 23 that it is “unable to obtain sufficient appropriate audit evidence regarding the likely outcome of these initiatives”.

“If the group is unable to raise the required funding, it may be unable to continue in operational existence for the foreseeable future and adjustments would have to be made to the financial statements,” said the auditor the report.

Furthermore, PwC says the LionGold and one of its subsidiaries were served notices by the Commercial Affairs Department (CAD) of the Singapore Police Force in relation into an offence under the Securities and Futures Act, Chapter 289.

“As the CAD has not provided details of its investigation, we are unable to ascertain (a) whether the investigation would have an impact on the group’s ongoing business operations; and (b) significance of adjustments, of any, that mat arise from the investigation, to the accompanying financial statements,” added PwC.

For these reasons, PwC says it has issued a disclaimer of opinion for the financial statements of LionGold for the financial year ended 31 March 2014.
...
http://www.theedgemarkets.com/sg/article...ng-concern

The company clarification on the auditor disclaimer...

http://infopub.sgx.com/FileOpen/Clarific...eID=321032

(not vested)

(27-10-2014, 09:59 AM)CityFarmer Wrote: The auditor, PwC, has done a very unfavorable "disclaimer" on LionGold's account. It is indeed a very hard decision with its client....

(not vested)

Independent auditor raises worries about LionGold’s ability to continue as going concern

SINGAPORE (Oct 27): PricewaterhouseCoopers, the independent auditor for LionGold, has pointed out the existence of material uncertainties in its full-year financial statements as well as an continuing police probe that cast “significant doubt” about the group’s ability to continue as a going concern.

In the financial year ended March 31, LionGold had reported a loss of $189.1 million and net cash outflow of $23.2 million. While the group claims it has embarked on various initiatives to obtain funding for its investment and operational needs, PwC says in an independent auditor’s report dated Oct 23 that it is “unable to obtain sufficient appropriate audit evidence regarding the likely outcome of these initiatives”.

“If the group is unable to raise the required funding, it may be unable to continue in operational existence for the foreseeable future and adjustments would have to be made to the financial statements,” said the auditor the report.

Furthermore, PwC says the LionGold and one of its subsidiaries were served notices by the Commercial Affairs Department (CAD) of the Singapore Police Force in relation into an offence under the Securities and Futures Act, Chapter 289.

“As the CAD has not provided details of its investigation, we are unable to ascertain (a) whether the investigation would have an impact on the group’s ongoing business operations; and (b) significance of adjustments, of any, that mat arise from the investigation, to the accompanying financial statements,” added PwC.

For these reasons, PwC says it has issued a disclaimer of opinion for the financial statements of LionGold for the financial year ended 31 March 2014.
...
http://www.theedgemarkets.com/sg/article...ng-concern

http://www.businesstimes.com.sg/companie...impairment

LionGold explains underestimated impairment
By
Andrea Sohsandrea@sph.com.sg@AndreaSohBT

4 Nov5:50 AM
Singapore

DELAYS in a fund-raising exercise - due to the surprise visit by the Commercial Affairs Department - had caused LionGold Corp to be unable to assess the impairment of the value of an asset in time.

This, coupled with a rapid decline in gold prices, led the group to

http://www.businesstimes.com.sg/companie...q1-results

LionGold bleeds S$20m in delayed Q1 results
By
Anita Gabrielanitag@sph.com.sg@AnitaGabrielBT
13 Nov5:50 AM
Singapore

THE market was once again reminded of the shattered financials of the firms embroiled in last October's penny stock crash with LionGold releasing its much-delayed first quarter results with an injurious outing, just one day after its counterpart Blumont reported dismal quarterly

I am always skeptical on "diversify into other businesses", after the company has not done well in its core business, upon normal course of business cycle...

(not vested)

LionGold says may diversify into other businesses as gold prices weaken

SINGAPORE (Dec 13): LionGold Corp, which has been selling some of its mining assets as gold prices weaken, says it may have to get into other businesses if demand for the precious metal continues to fall.

"Should gold prices and operating costs reach a sustaining level where gold mining becomes unprofitable, the company may decide to diversify into other minerals or businesses," it said in comments accompanying its financial results for the quarter and half-year ended Sept 30.

The gold miner, which currently gets all its mining revenue from its Australian subsidiary Castlemaine Goldfields, cited weak gold prices, elevated production costs and difficulty in raising funds as key challenges.

Revenue in the September quarter fell 22.9% y-o-y to $18.5 million as sales volumes and selling prices at Castlemaine declined. Production costs rose as the grade of gold extracted was lower.

The weaker top line, together with reduced fair-value investment gains, pushed LionGold into the red. It ended the quarter with a net loss of $14.4 million, compared with a loss of $44.9 million a year earlier.
...
http://www.theedgemarkets.com/sg/article...ces-weaken