LionGold builds war chest for more acquisitions

Listed gold miner LionGold Corp has proposed a private share placement plus warrants to raise up to $202 million to scoop up more gold firms.

The fund-raising by the Malaysian-controlled firm will be done in three tranches and involves placement of up to 180 million new shares at $1.10907 per share and 135 million detachable warrants at 2 cents.

The exercise will provide the firm with a "war chest to take advantage of the imediate, extraordinary opportunities we have identified amongst gold global miners," said Mr Nicholas Ng, LionGold's chief executive officer and managing director in a statement.