LionGold: Chairman and Group CEO fails to complete purchase of 40m shares (prev 5.49% stake) in co from Asiasons Capital. Sales agreement was first signed on 1 June 2011 and was delayed several times. This may cast some doubts on either the financing capability of the chairman or the investment value of the shares, neither of which is beneficial to LionGold.
The consideration was initially for $30m at $0.75 per share for 40m shares. It was raised to $0.76 and the chairman was charged an extension fee of $50k on 1 Dec after delays. LionGold is currently trading at $0.88
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