Remaining potential investors in LionGold withdraw following CAD probe

SINGAPORE - The four remaining potential investors who had indicated they would buy into LionGold Corp have pulled out in light of the ongoing investigation into the firm by Commercial Affairs Department (CAD), the company said in a statement on Tuesday.

Mr Ong King Kok, Ms Yap Sooi Kuan, Mr Lee Yee Pin and Mr Poh Chong Peng have decided to withdraw from a share subscription agreement with LionGold, it added.

The investors had planned to each subscribe for 7.5 million shares for $1 million.

The board reiterated its stance that it is not aware if any offence has been committed.

The firm also announced that it has entered into a share subscription deal with Malaysian businessman Moi Hsien Hur for 52 million shares to raise gross proceeds of $4.23 million.

Mr Moi is a director at HH Art Gallery in Malaysia.