JOHANNESBURG (miningweekly.com) – Trading in the shares of Lionsgold on London’s Aim has been suspended on the basis that the recent acquisition of TRAC Technology is considered a “fundamental change of business”.
The company’s ordinary shares will be suspended until it complies with the Aim’s Rule 14, which deals with reverse takeovers. The process is expected to take about three to four months to complete.
Lionsgold took full ownership of TRAC in April, after buying out other shareholders. The full ownership of TRAC formed part of the company’s strategy to roll out its digital gold currency, Goldbloc, 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.
Besides Goldbloc, Liongold also owns gold assets in India and Finland.