19th Oct 2018 15:42
LONDON (Alliance News) - Lionsgold Ltd on Friday said its shares will be cancelled on AIM in November, as the company is still in the process of transforming its business model.
Shares in Lionsgold are currently suspended following its acquisition of TRAC Technology Ltd and have not traded since May.
In August, Lionsgold said that its readmission had been delayed to the fourth quarter of 2018, rather than the third as originally predicted, while a re-organisation of the company took place.
Now the readmission process will not complete before the November 11 deadline, meaning Lionsgold shares will be cancelled.
As well as gold exploration and production, Lionsgold is also involved in the development of a physical gold currency known as Goldbloc following its TRAC acquisition.
The acquisition of TRAC has ultimately transformed Lionsgold's scope into a full-reserve banking platform with a hard currency, as well as retaining its mining interests. The company expects to make a further announcement relating to its board of directors before shares are cancelled.
Lionsgold said it remains committed to restoring its shares to AIM, with readmission expected in the first quarter of 2019.
"This is obviously not ideal and we apologise to our shareholders for any angst this time off the market may cause. The company plans to progress with its application to see our shares admitted to trading on AIM following, among other events, Lionsgold's annual general meeting to be held in mid-December," said Lionsgold Chief Executive Cameron Parry.