Lionsgold shares suspended as company undergoes 'fundamental change'

The AIM-traded firm said the suspension was applied under Rule 14 of the AIM Rules for Companies, on the basis that it was determined that the company had undertaken a “fundamental change of business” through the acquisition of TRAC Technology - now renamed Goldbloc.

“Concurrently with the release of Lionsgold's digital gold currency Goldbloc, on schedule as planned for this quarter, and the continuing development of its gold assets and opportunities in India and other jurisdictions, Lionsgold shall work with its advisers on the preparation of an AIM admission document and the process required for readmission to trading of its shares,” the board said in its statement.

Lionsgold said its ordinary shares would remain suspended until it fully complied with Rule 14 - a process expected to take between three and four months to complete.