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LionGold books net loss of S$143.1m for FY2014

Mainboard-listed LionGold has booked a net loss of S$143.1 million for the financial year ended March 31, 2014.

SINGAPORE: Mainboard-listed LionGold has booked a net loss of S$143.1 million for the financial year ended March 31, 2014.

This is due to impairments of assets that it had to take because of weaker and volatile gold prices as well as a compression of valuations in the gold industry.

Revenue for the full year increased by 20 per cent year-on-year to S$144.2 million.

LionGold was among three companies at the centre of a penny stock crash in October last year that wiped out billions of dollars in market value.

The Commercial Affairs Department is conducting investigations into the matter.

In a separate statement on Friday, LionGold said it has entered into an agreement to pay interest that is due on convertible bonds issued on May 11, 2012 through issuing new shares.

The interest of US$1.8 million was due to have been paid on May 15, 2014.

The bonds are being held by the Myriad Opportunities Master Fund.

The agreement is subject to shareholder approval and also approval in-principle from SGX for the listing of the subscription shares. 

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