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Lynette Khoo
31 October 2014
LionGold Corp, which has failed to get a clean bill of health from auditor PwC for its latest full-year financial results, has sought to assure shareholders that it is able to obtain sufficient funding for its operations.
In a clarification note released on Thursday, LionGold said that its directors and audit committee have reviewed its fund-raising initiatives and noted that while uncertainties exist, “there are reasonable grounds to believe that the company will be able to raise sufficient funds to enable the group to fund its operations in the next 12 months”. Its fund-raising plans include a proposed rights-cum-warrants issue announced on June 30 to raise some S$18.5 million. LionGold said that, given the recent fall in its share price, it intends to revise the issue price to make the issue sufficiently attractive.
It had also announced on June 30 bond subscription agreements to raise S$15 million from two investors via convertible bonds due in 2018, subject to shareholders’ approval. “The directors believe that shareholders of the company will vote for and support this fund-raising exercise,” it added.
LionGold said it intends to submit the necessary applications to the Singapore Exchange immediately after its fiscal 2014 annual general meeting scheduled for Nov 19.
Besides a proposed bond restructuring exercise, the group said it has also obtained a loan of S$7.5 million from a high-net-worth individual, adding “there are no conditions attached to drawdown”.
LionGold is among several listed companies which are the subject of probes by the Commercial Affairs Department (CAD) into possible trading irregularities involving the battered shares of Asiasons Capital, Blumont Group and LionGold. It was dealt another blow this week when PwC issued a disclaimer of opinion on its fiscal 2014 financial statements. LionGold had reported a total loss after tax of S$189.1 million compared with a loss of S$11.2 million a year ago and net cash outflow of S$23.19 million from an inflow of S$31.4 million in 2013.
PwC said that it was unable to obtain sufficient appropriate evidence on the likely outcome of the company’s fund-raising initiatives. There was also lack of information over the ongoing CAD investigation and whether the outcome would make an impact on LionGold’s business.