23rd Apr 2018 14:24
LONDON (Alliance News) - Lionsgold Ltd said Monday it now wholly-owns TRAC Technology Ltd after it raised a share-for-share offer to other TRAC investors which also sees its take complete control of the Goldbloc cryptocurrency.
After the deal, Lionsgold transferred its exclusive right to use the banking and compliance platform of Railsbank Technology Ltd to TRAC.
Lionsgold issued 58.0 million shares to shareholders in TRAC, taking control of the 45% of the company it did not already own. Shares in Lionsgold were 8.3% lower at 2.75 pence on Monday.
After the transaction, TRAC Chief Executive Officer Ralph Hazell has a 28.9 million share or 5.7% stake in Lionsgold. His wife, Nicola, holds 4.1 million shares or a 0.8% stake in Lionsgold.
"We are delighted to report that Lionsgold is now the 100% owner of TRAC and Goldbloc, and we welcome those TRAC shareholders who have become Lionsgold shareholders," Lionsgold CEO Cameron Parry said. "Together with Lionsgold's 12.5% ownership of Railsbank and the recent appointment of LION CEO Cameron Parry to the Railsbank board, we believe Lionsgold's position is optimised for the rollout of Goldbloc and maximised for the benefit of all LION shareholders."