Friday, May 29, 2015Friday, May 29, 2015

Two potential investors of LionGold Corp back out, citing probe

Published on May 4, 2014 6:48 PM

Two of six potential investors of LionGold Corp have gotten cold feet over a probe on the company by Singapore's white collar crimebuster.

The gold miner said in a statement late Friday that it had agreed to terminate a share subscription agreement with Mr Teo Kek Yeng and Mr Toh Soon Huat.

It said they decided to withdraw from the deal to subscribe for 3.7 million new LionGold shares for $500,000 each due to the ongoing investigation by the Commercial Affairs Department (CAD) into an offence under the Securities and Futures Act.

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

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!