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LionGold increases shareholding in Unity

20th March 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Asia’s LionGold Corporation has moved to increase its shareholding in ASX-listed Unity Mining.

The two companies on Thursday announced that they had entered into a binding subscription agreement, which would increase LionGold’s interest in Unity from 13.2% to 19.9%.

LionGold’s increased interest was obtained under a February subscription agreement, which gave the gold miner the opportunity to acquire 87.8-million shares at an issue price of 2.7c a share, for a total consideration of A$2.37-million.

Unity MD Andrew McIlwain has welcomed LionGold’s further commitment to the company, saying it demonstrated the Asian miner’s confidence in Unity.

Unity was currently developing its Dargues gold mine, in New South Wales, which could produce 50 000 oz/y of gold, with an underground mine delivering around 330 000 t/y of ore.

Edited by Creamer Media Reporter

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