JOHANNESBURG (miningweekly.com) – Aim-listed Lionsgold has taken full ownership of TRAC Technology, after its share-for-share offer to buy out other shareholders was fully accepted.
With TRAC now a wholly owned subsidiary, Lionsgold will assign to the business its three-year exclusive right to use the Railsbank Technology banking platform for physical gold and gold derivatives to be transacted in customer bank accounts.
Announcing the completion of the transaction on Monday, Lionsgold said that the 100% ownership of TRAC, together with its 12.5% ownership of Railsbank, had seen the company achieve its targeted equity positions in the lead-up to the release of Goldbloc, which is scheduled for this quarter.
Each Goldbloc is 1/1 000th of a gram of gold and developed to be deposited and spent through the global banking network.