Homepage
PR Newswire
03-07-2014, 08:05 AM
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
PRINT |EMAIL THIS ARTICLE
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.
PUBLISHED JULY 03, 2014
LionGold whiplashed by Australian units' suspension
BYANITA GABRIEL
anitag@sph.com.sg @AnitaGabrielBT
PRINT |EMAIL THIS ARTICLE
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.