Lionsgold Limited, the gold-focused exploration company with assets in India and Finland, and a fintech subsidiary that provides physical gold online accounts, has increased its shareholding percentage in Geomysore Services India Pvt Ltd.
Geomysore, which owns the Jonnagiri Gold Project in southern India, has raised funds by the issue of 17,508 new ordinary shares at 1300 Rupees per share. Two of the four largest shareholders, Lionsgold and Thriveni Earth Movers, took up 100% of the offering, marginally increasing their ownership percentages to 21.15% and 36.91% respectively. Lionsgold has agreed to invest Rs13,737,100 (approximately 163,500 pounds).
Geomysore in conjunction with their specialist consultants are in the final stages of completing an Economic Feasibility Study (EFS) on the Jonnagiri project where there is a 361,000 ounce JORC compliant resource and for which Geomysore has been granted a 30-year mining lease.
The funds raised by Geomysore will be used for general working capital, funding operations whilst the EFS is completed and a mine developer and operator contract is negotiated.
Lionsgold CEO Cameron Parry said, “We are pleased to report Lionsgold has been able to marginally increase its shareholding in Geomysore at this pivotal time, on the eve of the EFS completion.
“Lionsgold is continuing exploratory discussions with Geomysore and its shareholders regarding ways it could potentially further increase its exposure to Geomysore’s large Indian gold resources portfolio.
“This additional investment in Geomysore and the investment recently announced making Lionsgold the majority shareholder in our Fintech Gold company, sees Lionsgold fulfil the purpose of its recent strategic placing.
“Lionsgold continues to progress plans for its India Gold, Finland Gold and Fintech Gold divisions and we look forward to releasing further news on each over the coming weeks.”