Lionsgold (AIM:LION) Appoints former Rio Tinto CEO

Lionsgold, the gold-focused exploration company with assets in India and Finland, and a financial technology (“fintech”) subsidiary that provides online accounts for holding physical gold, is pleased to announce that Mr. Alan Davies has agreed to become Global Strategy Consultant for Lionsgold.

Mr. Davies is the former Chief Executive of Energy & Minerals at Rio Tinto PLC (“Rio Tinto”). He has more than twenty years’ experience in operational and strategic development in the global mining industry, including having been Chief Executive of Diamonds & Minerals at Rio Tinto, and CFO of Rio Tinto Iron Ore. Mr. Davies is deeply experienced in India, having had executive responsibility for Rio Tinto in India for approximately eight years, and over ten years of direct project responsibility in India. Mr. Davies is a British and Australian citizen and former Non-Executive Director of Rolls Royce Holdings PLC. He is currently CEO of Moxico Resources PLC, a natural resources company targeting a public market listing in 2018, and Non-Executive Director of ASX-listed Global Geoscience Limited. Mr. Davies holds a Bachelor of Business, Bachelor of Laws, a Master of Laws and is a Fellow of the Chartered Accountants in Australia and New Zealand.

Mr. Davies has agreed to work with Lionsgold on a part-time basis averaging two business days per month under an initial 12-month contract and the Company has agreed to remunerate him through the issue of 5,000,000 new ordinary LION shares (subject to a 6-month lock-in period) and warrants to subscribe for 5,000,000 ordinary shares with a 5-year term, of which 2,500,000 are exercisable at 1.1p each and 2,500,000 are exercisable at 2.2p each.

Cameron Parry, Lionsgold CEO, commented:

“I am delighted to announce that Alan Davies has agreed to work with Lionsgold to help fulfil the potential of its projects. Alan shall contribute to LION at a strategic level as the Company endeavours to maximise its current interests in India as well as future allied commercial opportunities in other jurisdictions, both with his extensive experience in mining and in line with Lionsgold’s plan to release Goldbloc into the Indian market in the second half of 2018.”

Alan Davies, Lionsgold Global Strategy Consultant, commented:

“I believe Lionsgold shall prove to be in an enviable position as the only AIM-quoted company with substantial exposure to India’s mining industry, a market I know well and that I believe has massive potential over the coming years and decades. I plan to help develop Liongold’s opportunities inside and outside of India, and assist in the growth of their business model of combining the exploration and production of gold with initiatives for its retail application.”

Application will be made to the London Stock Exchange for the 5,000,000 New Shares to be admitted to trading on AIM, on or around or around 15 November 2017 (“Admission”).

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the FCA (“DTRs”), the issued ordinary share capital of Lionsgold following Admission shall be 259,211,719 Ordinary Shares with voting rights attached (one vote per share). There are no shares held in treasury. This total voting rights figure may be used by LION shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, Lionsgold under the DTRs.

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