A1 welcomes LionGold to share register
PERTH (miningweekly.com) – Junior A1 Consolidated Gold welcomed Singapore-listed LionGold Corp as a cornerstone investor, helping to fund the development of the A1 gold mine, in Victoria.
In a share placement transaction, LionGold would take some 34.4-million fully paid ordinary shares in A1 Consolidated, to raise A$4-million. The placement would be conducted in two tranches, with the first tranche issued under A1’s 15% capacity.
Following shareholder and regulatory approval, the second tranche placement would be made, giving LionGold Corp a total shareholding of some 19.92% in A1 Consolidated.
“This is a pleasing development for the company and this investment confirms the underlying value and potential of the A1 gold mine,” said A1 Consolidated MD Dennis Clark.
He noted that the relationship with LionGold would bring financial strength to enhance A1 Consolidated’s ability to grow the company as it entered into production.
Clark noted that a review had also been launched on the mine plan for the development and scheduling of the 1400 Stockwork zone at the A1 gold mine. The scope of the work would include a review of the mine and stope designs, with the mine inventory designed for an initial six-year period delivering some 150 000 t/y at peak.
Meanwhile, A1 also reported on Tuesday that it had entered into an ore tolling agreement with Balmaine Gold, a subsidiary of Castlemaine Goldfields, which, in turn, was a subsidiary of LionGold Corp.
The ore tolling agreement covers up to 150 000 t/y of ore over a three-year period, and could be extended by mutual agreement to align with the December 2019 timeframe of the current mine design at the A1 project.
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