Liongold gets OK to list 39.21 million conversion shares for 9% bonds

By Marisa Wong

Madison, Wis., April 24 - Liongold Corp. Ltd. said it received approval in principal from the Singapore Exchange Securities Trading Ltd. to list up to 39,211,618 ordinary shares, which is the maximum number of shares to be allotted if the company's planned convertible bonds are converted in full.

Liongold announced late last month that it would issue up to $30 million of 9% convertible bonds due 2015 on a best-efforts basis.

The conversion price will equal the greater of S$0.964 and 120% of the average of the weighted average prices of Liongold stock for the 20 consecutive trading days after the issue date, with the initial conversion price no higher than S$1.158.

DMG & Partners Securities Pte. Ltd. is the manager for the offering.

Liongold is a Singapore-based holding company that operates as a gold mining and exploration company.

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