SINGAPORE Oct 12 Singapore's LionGold Corp Ltd
, whose shares have been put under trading curbs, said
it had called off a proposed fund-raising exercise of up to
S$202 million ($162 million) after the recent volatility in its
"The termination of the agreement was mutually agreed upon
by LionGold and the subscribers of the placement, which include
Platinum Partners PPLO fund, Carnegie Hall Group, and Spring
Road Advisors," LionGold told the Singapore exchange in a filing
late on Friday.
In August, the gold miner had proposed a three-tranche
private placement of up to 180 million new shares at S$1.10907
each. It had also planned to place 135 million new warrants at
On October 4, the Singapore exchange suspended trading in
Blumont Group Ltd, Asiasons Capital Ltd and
LionGold - three inter-linked companies - after sharp falls in
their share prices, and then imposed trading curbs on Sunday.
In a statement on its business performance, LionGold said
the exchange's trading curbs had put further pressure on its
shares, which have crashed by 90 percent since October 3.
"This has resulted in a significant disadvantage relative to
other resource and mining companies, given the abundance of
opportunities to acquire undervalued producing gold mining
assets which are complementary to our existing operations,"
Group Chief Executive Nicholas Ng said.
($1=1.2471 Singapore dollars)
(Reporting by Anshuman Daga; Editing by Clarence Fernandez)