Lionsgold (LON: LION), the AIM quoted company focused on the exploration, production and retail application of physical gold, including the development of the Goldbloc digital currency, is pleased to announce its audited final results for the financial year 01 July 2016 to 30 June 2017.
For further information, please visit www.lionsgold.com
Chief Executive Officer’s Report
I am pleased to make my report on the financial year 01 July 2016 to 30 June 2017. This was a period of resetting the Company’s operations and strategic direction from the original proposition that the Company’s mid-2011 IPO was based upon. Two months into the period under review, on 28 July 2016 there was an injection of new management and funding in the Company (formerly named Kolar Gold Limited), being myself as CEO and Luke Cairns as Executive Director, and £900,000 in gross proceeds raised. The then Chairman and other non-executive director who had held those board positions since the listing of Kolar Gold Limited on AIM in June 2011, stepped down at the end of September 2016 and at the end of December 2016 respectively. Amidst those changes, M. Hanuma Prasad was appointed as a new Non-Executive Director on 23 November 2016.
Following the appointment of the new management and operational review, the Group set about establishing a new three-fold strategy:
· Strengthen the partnership with one of India’s leading gold exploration companies, Geomysore Services India Pvt Ltd (“Geomysore”);
· Provide a physical gold holding and trading Fintech platform for India and other markets; and
· Achieve jurisdictional diversification through gold exploration and mine development in Finland.
Under this new strategy and following the changes above, the Company was rebranded and on 27 February 2017 commenced trading under the new name Lionsgold Limited with the new TIDM of “LION”.
Review of operations for the financial year ended 30 June 2017
The last financial year was one of transition which resulted in the departure of several directors and the contraction of costs and activity to reflect the resources available. From this reduced operational base Lionsgold then proceeded to implement the new strategy of the Group.
The three business divisions of the Company – India Gold, Fintech Gold and Finland Gold – were carried out through the Group’s activities and interests in Geomysore Services India Pvt Ltd, the UK incorporated TRAC Technology Limited and Finnish JV company, Kalevala Gold Oy.
Full RNS uopdate: HERE
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