LionGold Corp, through its wholly-owned subsidiary, Castlemaine Goldfields, as well as Yaoo Investments, have incorporated a joint venture company, Moliagul Mining, on September 24.
Moliagul Mining is incorporated for the purpose of investments, as well as activities relating to the exploration or mining of molybdenum within the land owned by LionGold Corp in Australia’s premier Victoria gold belt.
The JV company will have a registered share capital of A$10,000 ($9,730) comprising 10,000 shares.
Castlemaine Goldfields will own a 85.1% stake in the JV company, while Yaoo Investments will own the remaining 14.9%.
Yaoo Investments, an Australian-incorporated investment holding company, is 95.1% owned by Yao Liang, and 4.9% owned by Wang Yong.
Yao Liang is also the executive chairman and CEO of LionGold Corp. Wang Yong is the General Manager (Balmaine) at LionGold Corp.
The JV company is classified as an interested person transaction, and an “entity at risk” according to Catalist Rules of the Singapore Exchange Securities Trading Limited (SGX-ST).
According to LionGold Corp, it has not entered into any transactions with Yaoo Investments or Yao Liang in the current FY ending June 30, 2021, except for the incorporation fo the JV company and the proposed disposal of 14.9% of Ironbark Mining by Castlemaine Goldfields for $55,000 on September 23.
LionGold Corp was one of the three companies at the centre of the 2013 penny stock crash saga.
Shares in LionGold closed flat at 0.2 cent on September 24.
