Gold-Backed Cryptocurrency

There are already several companies that have launched or are in the process of launching a cryptocurrency token that is backed by the stability of physical gold, the physical gold is stored in various vaults in various countries depending on the token involved. Below are a few of the tokens that are currently offering this gold-backed cryptocurrency option, if you’re interested then follow the links provided to research each one in more detail.

Lionsgold & Tally

(Tally, previously named Goldbloc).

Tally™ or Tallymoney™ is a fintec B2B2C (Business to business to consumer) 100%-reserve banking platform and hard asset currency that operates seamlessly with the fiat currency fractional-reserve banking system, Lionsgold, 100% owners of Tally is a gold focused exploration company with assets in India & Finland.

It has recently aquired a majority stake in TRAC Technology Ltd (TRAC) working with The Real Asset Co, established in 2010 providing investors improved access to the bullion markets. Together with Railsbank they will be issuing the gold-backed currency Tally.

Tally™ appears to be one of the more interesting 100% physical gold tokenized digital assets that could, in the future, be exchanged for digital (crypto)currencies such as Bitcoin. It has a team made up of an established Gold miner/explorer and bullion investment platform working together to provide the gold-backed unit of Tally, each backed by a milligram of gold, spendable through a bank account and mastercard, with Railsbank ensuring banking compliance .

Visit  LionsGold – The Real Asset Co Tallymoney – IndexGold for more information

Interesting times with Lionsgold securing a deal with Railsbank for exclusive 3 year access to their technology following an investment of £1.25 million for 12.5% stake.

“We’ve bought a seat at the table of global banking”

⟽ Listen to the interview on youtube aired on 18/01/2018

RNS announcement – 23rd April 2018 – 100% Owner Of Goldbloc

Share Talk – Published on 19 Oct 2018

Share Talk – Published on 26 May 2018

Update 31/01/2018

Cornercard UK is to join Railsbank in a strategic partnership.

Railsbank, the UK-based open-banking and regtech platform, and Cornercard UK, the UK’s leading business to business card issuer, announced at Paris Fintech Forum today a strategic partnership.

Cornercard UK is to join the Railsbank platform through which it will issue Mastercard debit cards. Railsbank will become a debit card programme manager, allowing Railsbank customers to have their own branded debit cards that work with Railsbank bank accounts and International Bank Account Numbers (IBANs). Railsbank will support both traditional plastic and virtual debit cards.

Chris Adams, CEO of Cornercard UK, said: “Cornercard UK is delighted to be partnering with Railsbank to support its card issuing solutions to its customers via their market leading platform.

Meeting the fast paced and evolving needs of customers across the FinTech sector requires expert thought leadership and agile creativity and Railsbank co-founders Nigel Verdon and Clive Mitchell have achieved just that.”

CEO and co-founder of Railsbank, Nigel Verdon, said: “This is just one of the many partnerships we will be announcing this year. In support of our partnership with Cornercard UK, we will be releasing a rich set of debit card APIs that customers can use to issue and manage their debit cards.”

“Partnering with Railsbank provides a perfect strategic fit for Cornercard UK, adds Chris. The ethos that delivered the development of Railsbank’s “access global banking in five lines of code” approach, aligns directly with our own, which is to provide leading card issuing innovation as simply and efficiently as possible.”

Separately, Railsbank is currently a participant in the Mastercard Start Path program – the company’s effort to support later stage tech and fintech companies who are building the future of commerce. Mastercard will provide Railsbank the operational expertise and introductions needed to help the company scale.

For partners who wish to try out the innovative APIs, Railsbank have made available an early access programme to the Railsbank Card APIs called “Railsbank Labs.”

Update, Proposed Name Change and Voting Rights

RNS Number : 5038Q
Lionsgold Limited
19 February 2019

Lionsgold Limited

(“Lionsgold” or the “Company”)

Update, Proposed Name Change and Voting Rights

Lionsgold is pleased to provide the following update in relation to the Company’s product rollout and corporate repositioning in line with its neo banking platform and hard currency, TallyTM.

·     TallyTM smartphone app is in final beta testing and shareholders interested in trying the product early are invited to contact support@tallymoney.com to join the beta test.

·     Notice of General Meeting to be circulated this month for proposed Company name change from “Lionsgold Limited” to “Tally Ltd” in line with the TallyTM brand and corporate strategy.

·     Priority given to the public release of the TallyTM banking app, before completing the stock exchange admission process – revised timeframe to return shares to trading is mid-2019.

·     Customers wanting to receive priority access to open a TallyTM account upon the platform’s public release should register at www.tallymoney.com

Cameron Parry, Chief Executive Officer, commented: “We are pleased to be at the stage where we can share the TallyTM neo banking platform with shareholders.  The mobile banking app is in beta testing for both iOS and Android smartphones and public release is planned for later next month.  As shareholders will understand, the priority is to release TallyTM prior to relisting the Company.  The admission process shall re-commence following the public release of TallyTM and therefore the board anticipates the Company’s shares will recommence trading in the summer.

“We hope shareholders are reassured by the release of TallyTM, which is the culmination of the product and business development undertaken during the period the Company’s shares have been off the market, and can appreciate this is a necessary step toward re-listing the Company’s shares.”

“Lionsgold will circulate a notice of General Meeting (“GM”) for shareholders to vote on the proposed change of Company name from “Lionsgold Limited” to “Tally Ltd”, in line with product release and in readiness for the Company’s return to the stock market.”

“The board would like to thank all shareholders for their patience and support as Lionsgold completes this transformational phase of its corporate and commercial development.”

Exercise of Warrants

As at end of December 2018, the Company had received notices of exercise in respect of the last of the warrants attached to the placing held in December 2017, to subscribe for new ordinary shares of no par value each (“New Ordinary Shares”) at a price per share of 1.2p each (the “Warrant Shares”).

The Company has therefore issued and allotted 24,000,000 new Ordinary Shares for a total of £288,000.  The New Ordinary Shares rank pari-passu with existing ordinary shares.

In accordance with the provisions of the Disclosure Guidance and Transparency Rules of the FCA (“DTRs”), the issued ordinary share capital of Lionsgold including the issue of the New Ordinary Shares is 588,641,114 Ordinary Shares with voting rights attached (one vote per share). There are no shares held in treasury, therefore this figure may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, Lionsgold under the DTRs.

Director/PDMR Shareholding

Included in the total Warrant Shares figure set out above, Lionsgold’s CEO Cameron Parry, exercised Warrant Shares to subscribe for 2,500,000 new Ordinary Shares in the name of Yarramen Corp Limited which is owned by his family trust; 20,000,000 Warrant Shares were exercised by Lionsgold’s Non-Executive Director, Mr Mike Joseph; and 1,000,000 Warrant Shares were exercised by Lionsgold’s Chief Platform Officer, Mr Ralph Hazel.

Enquiries:

Cameron Parry (Chief Executive Officer)

Tel: +44 (0)20 8065 0215

admin@lionsgold.com

support@tallymoney.com

About TallyTM

·     TallyTM is a 100%-reserve banking platform and hard asset currency that operates seamlessly with the fiat currency fractional-reserve banking system.

·     Each unit of TallyTM is a milligram of LBMA-accredited gold held by the customer and utilised via their individually issued savings and payment account and Mastercard debit card.

·     TallyTM is not a fiat currency and TallyTM is not a cryptocurrency.

·     The TallyTM platform enables physical asset connectivity to the mainstream banking system.

·     Lionsgold’s UK subsidiary company, TallyMoney Ltd, is a recognised E-Money Directive Agent (FCA Ref. No. 902059) under Financial Conduct Authority-licensed E-Money Institution, PayrNet Limited (FCA Ref No. 900594).

·     Go to www.tallymoney.com to register for priority access to open a TallyTM banking account.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Lionsgold Limited

Final Results

RNS Number : 0335K
Lionsgold Limited
10 December 2018

Lionsgold Limited

(“Lionsgold”, “LION” or the “Company”)

Final Results

Lionsgold (LSE: LION), the gold company focused on the exploration, production and retail application of physical gold, including the development of physical gold as a currency, is pleased to announce its audited final results for the financial year ended 30 June 2018.  The Company’s annual general meeting (“AGM”) is to be held at the registered office in Guerney at midday on Friday 28 December 2018.  Lionsgold is also holding a shareholders presentation event in central London on Wednesday afternoon 19 December – for further details, shareholders should email the company: admin@lionsold.com

Chief Executive Officer’s Report

 

I am pleased to report to Lionsgold Shareholders on the financial year to 30 June 2018.  This was a transformational period for Lionsgold in both direction and value growth under its corporate strategy – implemented following the appointment in July 2016 of the executive management – to become a vertically integrated operating company involved in the exploration, production and retail application of physical gold.  During the term, Lionsgold increased its financial support and equity holdings in both its Indian and Finnish gold exploration and mining ventures, as well as escalating the development and ownership of its financial technology assets, including a cornerstone investment in the Company’s banking and compliance platform technology provider.

Lionsgold started the financial year with 254,211,719 shares in issue trading at 1.1p each representing a market capitalisation of £2.8 million.  The Company finished the financial year with 512,459,296 shares in issue with a price per share of 2.65p (upon trading being suspended in May 2018) representing a market capitalisation of £13.6 million. 

 

During the year the Company’s share price ranged from a low of circa 0.75p to a high of 6.55p.  Lionsgold undertook a placing on 30 November 2017 resulting in the issue of 100,250,000 new ordinary shares at a price of 0.8p per share raising gross proceeds of £802,000.  The Company has also seen 109,002,273 warrants exercised for new ordinary shares at 1.2p, 1.5p, 2.2p and 3.2p for a total of £1,466,800.  The Company also issued during the year 57,995,304 new ordinary shares to acquire the remaining 45% of its fintech subsidiary and issued 5,500,000 in share-based payments of consultancy fees.

 

Prior to the end of the period under review, on 11 May 2018, Lionsgold had its shares suspended from trading on the London Stock Exchange AIM Market (“AIM”).  The suspension was applied under Rule 14 of the AIM Rules for companies (“Rule 14”) on the basis that it had been determined by the regulator that the Company had undertaken a fundamental change of business through the completion of the 100% acquisition of TRAC Technology Limited (since renamed TallyMoney Ltd).

Since that time and post year end, Lionsgold has transitioned from an exploration and mining company with a complementary financial technology (“fintech”) division, to a fintech company with complementary mining assets.  The Company has developed its physical gold currency proposition into a 100% reserve banking platform combined with a hard currency, that can operate seamlessly with and complementary to, government issued fiat currency and the fractional reserve banking system.  This work has culminated in the branding of the gold currency and banking platform as “Tally” (www.tallymoney.com) as announced on 9 November 2018. Concurrent to this work, Lionsgold has continued to support the development of its gold assets in India and Finland, and in line with the evolution of TallyTM, the Company has been working with its advisers to enable the public access to the equity of the Company as a publicly traded stock once more.

 

Milestones achieved during the year ending 30 June 2018 and up to the date of this report include:

·      Increasing Lionsgold’s equity holding in its fintech subsidiary from 37.7% at the start of the financial year to 55% in July 2017 and then 100% in April 2018;

·      Evolving its challenger currency proposition initially named “Goldbloc” into a 100% reserve banking platform and hard currency, branded “Tally”;

·      Acquiring 12.5% ownership of Railsbank Technology Ltd (“Railsbank”) – the developer of the banking and compliance technology platform utilised to provide individual bank accounts with Mastercard debit cards denominated in TallyTM, and securing the exclusive right to Railsbank’s API (Application Program Interface) for physical gold and gold derivatives, to 2021.

·      Increasing investment in leading Indian gold exploration company Geomysore Services India Pvt Ltd (“Geomysore”) thus increasing Lionsgold’s equity holding from 21.25% to 21.92%;

·      Following conclusion of the economic feasibility study with a ‘decision to mine’ at the Jonnagiri Mine Project “Jonnagiri”, the Geomysore team, having negotiated with some 600 landowners, completed lease arrangements and payments on approximately 1,300 acres of the Mining Lease (“ML”) area with circa 150 acres to conclude, and received consent letters for the purchase of over 227 acres of the mine build area at commercially acceptable prices, with 90 acres left to secure;

·      Increasing ownership of Lionsgold’s Finnish joint venture company, Kalevala Gold Oy (“Kalevala”) from an initial 15% through 28% to being approximately 32%;

·      Kalevala adding to its prospecting licence portfolio by 278km2 and 1,214km2 to now hold some 1,500km2of gold prospective ground in Finland under licence which sees Kalevala control circa 90% of the known outcrop of the Suomussalmi Greenstone Belt and significant coverage of the Kuhmo Greenstone Belt; and

·      Adding highly esteemed personnel including Mr Alan Davies as Global Strategy Consultant – the former Chief Executive of Energy & Minerals at Rio Tinto PLC and former Non-Executive Director of Rolls Royce Holdings PLC with more than twenty years of experience in operational and strategic development in the global mining industry, including having had executive responsibility for Rio Tinto in India for over eight years; and Mr Michael Joseph as Non-Executive Director – a successful entrepreneur with the proven knowledge and ability to rapidly grow a customer facing business in the financial services sector with a proprietary core technology and the Founder/Managing Director of Right Choice Insurance Brokers Ltd which recently received investment of £28 million from Lloyds Bank private equity division at a valuation of over £100 million.

 

Review of operations for the financial year ended 30 June 2018

The three business divisions of the Company – India Gold, Finland Gold and Fintech Gold – were carried out through the Group’s activities and interests in Geomysore Services India Pvt Ltd, Finnish JV company, Kalevala Gold Oy, and the UK incorporated TRAC Technology Limited (renamed TallyMoney Ltd on (9 November 2018).  During the financial year Lionsgold also acquired a strategic 12.5% stake in Railsbank Technology Limited – the developer of the banking and compliance API that is utilised to provide individual banking accounts denominated in TallyTM.

 

TallyMoney Ltd

Snapshot of the platform and currency:

·      TallyTM gives people the choice to use money that accesses a 100%-reserve banking platform combined with a hard currency.

·      Each TallyTM is a milligram of gold directly owned by the customer and utilised in their individual banking account and debit card.

·      TallyTM is not a fiat (government-issued) currency and TallyTM is not a cryptocurrency. TallyTM is a tangible asset utilised seamlessly via a customer’s banking account and debit card that operates complementary to fiat currencies using the mainstream banking system.

·      TallyMoney Ltd, to be the EMD (Electronic Money Directive) Agent on the Financial Conduct Authority register under the E-Money Licence held by PayrNet Ltd.

Lionsgold owns 100% of TallyMoney Ltd as at 30 June 2018.  The Company, acquired the remaining balance of 45% at a pre-money valuation of £3 million in April 2018 and significant development has been undertaken since that time to evolve the product offering and scalability, to maximise the Company’s long-term commercial opportunity. 

As TallyMoney Ltd is 100% owned at the year end, it is considered to be controlled and has been consolidated. The total investment in Lionsgold’s individual company balance sheet is shown below. This shows a total investment in TallyMoney of £1.66m in the various stages of acquisition.

Investments

Extract from the Parent Company balance sheet as at 30 June

                                                                                                                   2018         2017

TallyMoney Ltd (formerly TRAC Technology/Goldbloc Limited)                  1,657,122         93,990

Railsbank Limited                                                                                  1,270,997         –

Kalevala Gold Oy                                                                                       578,484         445,955

Geomysore Services India Pvt Ltd (including interco receivables)              3,753,242         3,363,035

                                                                                                            7,259,845         3,902,980

Developed under the initial product name of “Goldbloc”, over the course of calendar year 2018, with live testing underway, the vision and potential application evolved as a physical gold currency and alternative banking platform that operates complementary to fiat currency denominated banking accounts. In reviewing the initial name and the need for the brand positioning to reflect the expanded scope and scalability of the platform and B2B2C product offering and business model, the currency and platform to be released will be known as “Tally”. 

Directors of TallyMoney Ltd

The co-founders of the product and platform, Lionsgold’s CEO Cameron Parry together with the Company’s Chief Platform Officer Ralph Hazell, were the only directors of Lionsgold’s fintech subsidiary during the financial period and they continue to be the only two directors of TallyMoney Ltd as at the date of this report.

Cameron Parry (aged 44)

Mr Parry is a serial innovator and chief executive of quoted public companies in both the fintech and mining sectors.  Further information about Mr Parry can be found on page 13 of this report in the Board of Directors section.

Ralph Hazell (aged 47)

Mr Hazell is the founder of The Real Asset Company – an online retail gold and silver exchange created to improve access to those precious metals markets and enable individuals to conveniently trade and hold gold and silver.  He was previously a trader and market maker in the fixed income and commodity markets for over 10 years, and was a founding partner of Trafalgar Financial Futures in Gibraltar, and of Jebel Tariq Trading in Dubai, which was the first company to automate market making in gold futures on the DGCX (Dubai Gold and Commodities exchange).  In 2007, he left the markets to pursue his interest in retail driven marketplaces and exchanges. Whilst building a range of technology platforms, Mr Hazell founded MoneySwap, a P2P currency exchange, which listed on AIM in 2011.  Mr Hazell is also the author of “The Decentralised Renaissance”.

TallyTM

Money is omnipresent in our daily lives.  Congruent with the real physical asset currency being delivered for public use, “Tally” was developed as a brand name as it is a real word that is both a noun and a verb that refers to a unit, a ledger, a measurement of account and the action to count up, to correspond and to agree.  It is still used in the modern vernacular and can be used in the singular or plural form, as a unit of one, or many.  Following much deliberation and research over many months around multiple names and visual identities with a leading London brand strategy agency, management determined “Tally” to be a fitting and appealing brand to serve as both the name of the unit of currency and the name of the platform.

The TallyTM platform is due to go live with a soft launch in the UK commencing Q1 2019 with targeted marketing increasing from March 2019, providing the public with the choice to deposit, spend and transact TallyTM as part of and with the ease of everyday banking.

Geomysore Services India Pvt Limited

As at the date of this report, Lionsgold has a diversified set of interests in exploration and mining projects in India through its 21.92% shareholding in leading Indian gold exploration company, Geomysore Services India Pvt Limited (“Geomysore”).  As at 30 June 2018, Lionsgold valued its investment in Geomysore at £3.32 million (30 June 2017: £2.96 million).

Geomysore holds exploration rights covering in excess of 900km2 in India including a granted 30-year mining lease (“ML”) at Jonnagiri covering 6km2.  The Jonnagiri Gold Project (“Jonnagiri Mine”) is situated in the state of Andhra Pradesh and is Geomysore’s most advanced project.

An NI 43101 compliant Feasibility Study was completed in November 2017 (“Feasibility Study”) that demonstrated Jonnagiri was a robust project that could potentially be developed as India’s first privately owned and operated gold mine, resulting in a positive ‘decision to mine’.  The team have since been focused on securing and structuring the required finance to facilitate the purchase of the ML area and development of mine and associated infrastructure.  As at the date of this report, lengthy negotiations over many months with some 600 landowners advanced to Geomysore having completed lease agreements and payments for approximately 1,300 acres with circa 150 acres to conclude.  In addition, Geomysore has received consent letters for the purchase of approximately 227.5 acres at commercially acceptable prices, out of the 350 acres intended to be acquired to commence the mine build – noting that of the balance remaining, 27 acres is government land and Geomysore owns 6 acres, thus there is 90 acres left to secure.

At full production Jonnagiri is forecast to produce approximately 25,000 ounces of gold per annum. As detailed in the Feasibility Study, the Jonnagiri Mine Base Case production profile is based on the 151,020 Probable Reserve gold ounces currently and shows a Net Present Value of USD$28.2 million (pre-tax) (based on USD$1 = INR67.08 at time of the study) applying an 8.48% discounted cash flow rate.  Further detailed in the Feasibility Study, the Jonnagiri Mine Total Production Case, which includes the processing of low grade stockpiles and the Inferred Resource within the optimised pit shell, produces an NPV of USD$34.9 million (pre-tax) applying an 8.48% discounted cash flow rate. 

In addition to Jonnagiri, Geomysore’s portfolio contains numerous exploration and development targets and its South Kolar Project (“South Kolar”), situated in the Southern part of the Kolar Gold Field (which historically produced 25 million ounces of gold over 100 years of operation), located in the state of Andhra Pradesh, represents the next target contemplated for mine development.  The South Kolar target has been refined to an area covering approximately 10km2, and Geomysore has signed a Memorandum of Understanding with the government of Andhra Pradesh to progress development of the area into a commercially viable mine and Geomysore is currently pursuing its Mining Lease Application with the Ministry of Mines in New Delhi.

Jonnagiri Gold Mine Feasibility Study Summary

The Jonnagiri Feasibility Study results were released to market on 16 November 2017.  The findings are NI 43-101 compliant and the Feasibility Study used a domestic market gold price being the three year average of Indian Bullion Jewellers Association (“IBJA”) Price, INR2,806 per gram (equivalent of USD$1,301/oz based on USD$1 = INR67.08).  Gold recovery has been estimated at 92.4% through a Gravity – CIL (carbon in leach) processing circuit.

The base case production profile is based solely on the 151,020 ounces of Probable Reserve from the Indicated Resource (“Base Case”).  In parallel to the Base Case, a total production model was developed where all available ore was processed, being the Probable Reserve, the debris (unclassified material) part of the Inferred Resource and some low grade material to be used in the event the plant was at times underutilised (“Total Production Case”).

The Jonnagiri mine will use conventional open pit mining with gold recovered by standard gravity and Carbon In Leach processing to produce a dore on site.  Inputs to the feasibility study are presented as per Table 1 below.

Table 1 -Base Case inputs in the Feasibility Study

 

Life Of Mine

Ore processed

2.8Mt

Ore throughput

~500kt/a (1.5kt/d)

Gold grade

1.68g/t gold

Expected gold recovery

92.4%

Stripping Ratio

4.6:1

Gold produced

139.5koz gold

Capex to first Production*

INR2,622m (US$39.1m)

Operating Cost **

US$25.2/t ore milled

Cash Cost (inc. royalty)

US$571/oz

* Includes capitalised operating costs of US$1.8m

** Includes:  Mining, Plant, Onsite G&A and head office costs

 

The key outputs of the Project as reported in the FS Base Case, based on mining only the Probable Reserve of 151,020 ounces of gold, are as per Table 2 below (based on USD$1 = INR67.08).Table 2- NPV calculation – Base Case

 

Pre Tax

Post Tax

 

US$M

US$M

NPV5%

$39.9

$23.1

NPV8.48%

$28.2

$14.6

NPV10%

$23.9

$11.6

IRR

24.0%

17.8%

 

In parallel to the Base Case schedule which processed only the Probable Reserve (Indicated Resource), a Total Production Case model was developed where all the available ore was processed, subject to tailings dam capacity. The ore processed will be the Probable Reserve, the debris (unclassified material) part of the Inferred Resource and if the plant was underutilised, the low grade material to ‘fill the plant’. The Total Case scenario adds value to the Base Case without spending additional capital for the project. The IRR for the Total Case indicated an even more robust project.  The key outputs of the financial analysis for such assumptions are shown in Table 3 below (based on USD$1 = INR67.08).

Table 3- NPV calculation – Total Case Production

 

Pre Tax

Post Tax

 

US$M

US$M

NPV5%

 $47.6

 $28.3

NPV8.48%

 $34.9

 $19.2

NPV10%

 $30.3

 $15.9

IRR

28.0%

20.9%

 

Geomysore is currently engaged in negotiations with relevant landowners to purchase a total of approximately 350 acres of land required for the development of the East Block open pit mine and other associated infrastructure, for example: Processing Plant, Tailing Storage Facility, Waste Rock Dumps and Water Reservoir.  Following lengthy negotiations, consent letters have been received for the purchase of approximately 227.5 acres at commercially acceptable prices.  Noting that of the balance remaining, 27 acres is government land and Geomysore owns 6 acres, thus there is 90 acres left to secure.

Subject to agreement for the relevant land acquisition, and subject to financing, the building of a mine at Jonnagiri could commence as early as Q2 2019.  The build is planned to take 24 months and at full production the Jonnagiri mine is forecast to produce around 25,000 oz of gold annually, which would contribute more than a quarter of India’s gold production based on current domestic output.

In addition to Jonnagiri, on 31 May 2017, the Company released the findings of the independent valuation of Geomysore’s gold exploration assets (excluding Jonnagiri) covering a total area in excess of 900km2.  They comprise 36 Prospecting Licences, Prospecting Licence Applications and Mining Lease Applications that predominantly cover greenstone belt areas in southern and central parts of India, with the main groupings of the licences and applications found in the Kolar and Jagular regions in the states of Andhra Pradesh and Karnataka respectively.  Golder determined the total value of the gold exploration assets, excluding Jonnagiri, as follows:

Low Value (US$)

High Value (US$)

Expected Value (US$)

6.54 million

9.45 million

7.95 million

 

Kalevala Gold Oy

During the financial year, Lionsgold has continued to work with its Joint Venture (“JV”) partner Mineral Exploration Network (Finland) Ltd (“MENF”), on its Finnish JV company, Kalevala Gold Oy (“Kalevala”). The JV commenced in late 2016 to develop high grade gold exploration and mining assets with licences in Finland covering an area of approximately 24km2.  Following incorporation, Lionsgold’s CEO joined the board of Kalevala together with two representatives from the JV partner’s company and this board of three has remained throughout the financial period and as at the date of this report.  During and post the financial year, Lionsgold has increased its ownership of Kalevala from an initial 15% through 28% to being approximately 32% as at the date of this report.

During the financial year Kalevala added to its prospecting licence portfolio by 278km2 and then 1,214km2 to now encompass some 1,500km2 of gold prospective ground in Finland under licence. Kalevala control some 90% of the known outcrop of the Suomussalmi Greenstone Belt and significant coverage of the Kuhmo Greenstone Belt Located immediately south of the Suomussalmi Greenstone Belt where Kalevala’s Kuikka Gold Deposit is hosted, the Kuhmo Greenstone Belt is the largest Archaean greenstone belt in Finland, being up to 10km wide and more than 100km from north to south.

The Kuikka Gold Deposit (“Kuikka”) is a high grade deposit located within the Syrjälä Project area on the prospective Suomussalmi Greenstone Belt.  The Syrjälä Project area is located approximately 600 km north of Helsinki and 35 km north of the town of Suomussalmi.  There is good road and power infrastructure in the immediate area and the Project is served by a network of gravel forestry roads.

Mineralisation is hosted by Archaean greenstone metasediments and meta-volcanics, with the licences located on the southern part of the Suomussalmi greenstone belt.  Two types of gold mineralisation are observed within the Project: high grade quartz veins; and moderate grade disseminated mineralisation.

MENF commenced work on the Syrjälä Project in 2013, undertaking a detailed assessment of the known gold occurrences and undertaking project wide, detailed soil sampling (12,400 samples), basal till sampling profiles (238 samples), 580-line km of ground magnetics survey and 12-line km of Induced Polarisation / Resistivity geophysics.  As a result of this work a number of additional gold mineralisation targets were identified within the Project.

The Kuikka gold deposit had previously been diamond core drilled by Geological Survey of Finland (GTK) and the Finnish company Outokumpu Mining.  GTK drilled a total of 52 diamond drill holes (at 42mm and 32mm core diameter), at a 25m spacing for a total 4,359m. 

Of the 52 holes 17 returned positive intersections with highlight intersections including: 

·      16.2m @ 18.97g/t Au from 15m in Hole R361;

·      11.8m @ 2.8g/t from 36.4m in Hole R362;

·      7.7m @ 5.3g/t Au from 4m in Hole R363;

·      8.0m at 2.1g/t Au from 62.9m in Hole R367; and

·      7.4m @ 4.0g/t Au from 36.6m in Hole R372.

The MENF 2016 infill RAB drilling programme at Kuikka, successfully confirmed the continuity of high grade gold mineralisation between the historical GTK diamond drill hole collars with over 19 significant gold intersections.  The 19 drill hole collars were at 12.5m spacing, holes were inclined at 45 or 60 degrees and drilled perpendicular to mineralisation strike.  The average downhole depth attained was 49m.

Highlight intersections include:

·      6.0m @ 15.58g/t Au from 12.5m in hole KU002;

·      6.0m @ 18.10g/t Au from 17.00m, and

·      13.0m @ 7.58g/t Au from 26.00m in hole KU005;

·      6.0m @ 26.95g/t Au from 7.00m in hole KU008; and

·      11.0m @ 12.15g/t Au from 34.5m in hole KU010.

Additional intersections are set out in Table 4 below.

The RAB drilling samples were analysed by utilising the MENF’s internal ICP-MS laboratory and high grade samples sent for duplicate analysis

Table 4: Highlight Intersections for 2016 RAB Drilling Programme at Kuikka.

Hole ID

From (m)

To (m)

Interval (m)

Grade (g/t Au)

KU001

13.05

18.05

5.00

6.69

KU001

20.05

23.05

3.00

8.45

KU002

12.50

18.50

6.00

15.58

KU002

27.50

34.50

7.00

8.18

KU005

17.00

23.00

6.00

18.10

KU005

26.00

39.00

13.00

7.58

KU006

16.50

24.50

8.00

12.90

KU006

26.50

34.50

8.00

2.74

KU007

25.90

28.90

3.00

8.12

KU008

7.00

13.00

6.00

26.95

KU008

17.00

19.00

2.00

1.80

KU009

9.20

14.20

5.00

21.06

KU009

25.20

31.20

6.00

3.61

KU010

34.50

45.50

11.00

12.15

KU013

39.80

45.80

6.00

6.99

KU014

19.00

22.50

3.50

7.37

KU014

24.50

26.50

2.00

1.83

KU015

11.00

13.00

2.00

1.41

KU019

9.00

11.00

2.00

4.65

 

During the financial year, work at Kuikka concentrated on detailed planning, mapping and further grade confirmation drilling as part of the environmental permitting and optimisation of the bulk sampling programme.  An additional 22 inclined RAB drill holes were drilled to help refine understanding of the morphology of the central vein and parallel gold mineralisation, to a depth of up to 10m, with best intersection 3m @ 26.50g/t Au from 7m in hole T014.

During the financial year, Kalevala established a pilot scale processing plant and work was completed for equipment testing that was permitted in 2018 and took place on 200 tonnes of gold ore in order to fine tune plant recoveries, mining procedures and protocols in the lead up to application for an underground mining licence that, if granted, could see small-scale high-grade underground mining potentially permitted to occur in 2019. 

 

Kalevala assembled a containerised, gold recovery pilot plant which consists of a crusher and vibromill feeding a ITOMAK 5 centrifugal separator with a production rate of up to 5 t/hr followed by a concentration/shaker table with a capacity of up to 50 kg/hr, to clean the gravity concentrate from the separator.  As the Kuikka ore contains free gold, gold recovery by gravity methods is expected to be high, however tailings will be securely stored onsite in case the pilot studies show leaching of tails to be economic.  The pilot plant is located within an aggregate processing facility which is fully permitted for the crushing and milling activities that will be taking place. The pilot plant incorporates a closed water settling and recirculation system to mitigate its environmental impact and minimise water consumption.

 

The pilot plant is located approximately 1hr 40min drive from the Kuikka Deposit, along sealed and all-weather roads.

 

Regional exploration work for the financial year focussed on securing the prospective exploration belt in the vicinity of the Syrjälä Project area.  A geochemical sampling programme was conducted over 95km2 in the south of the 278km2 prospecting licence with a total of 1,578 samples collected.  Results are very encouraging with a major arsenic anomaly delineated over an area of 8.5km2, indicating gold potential.

 

Railsbank Technology Limited

During the financial year, Lionsgold made a significant investment of £1.27 million in global banking and compliance platform provider, Railsbank Technology Limited (“Railsbank”).

Founded by Nigel Verdon (founder of Currency Cloud) and Clive Mitchell, Railsbank (www.railsbank.com) is a banking and compliance platform which connects a global network of partner banks with companies who want API (Application Programmer Interface) access to global banking.

 

Railsbank simplifies on-boarding companies to its banking partners, then gives access via the Railsbank API to banking services such as creating digital ledgers, connecting digital ledgers to banking accounts, issuing IBANs for ledgers, receiving money, sending money, converting money (FX), collecting money (direct debit), issuing cards, and managing credit.

 

Lionsgold invested £1.27 million in cash in Q1 2018, to acquire 12.5% of Railsbank on a fully diluted basis following completion of Railsbank’s pre-Series A funding round.  In addition to its investment, Lionsgold gained exclusive access to Railsbank’s banking platform in relation to deposits, currencies, and any other products connected with physical gold or gold derivatives, for a period of three years.  Lionsgold’s CEO joined the board of Railsbank in March 2018 as a non-executive director and continues to fulfil that role as at the date of this report.

 

Board changes

On 23 November 2017, Mr Luke Cairns stepped down as Executive Director and Mr David Price was appointed to the board as Non-Executive Chairman.

On 13 July 2018, Mr David Price resigned as Non-Executive Chairman and Mr Michael Corcoran was appointed as Non-Executive Director & Interim Chairman.

On 09 November 2018, Mr Michael Joseph was appointed to the board as Non-Executive Director.

 

Key financials

The loss after tax for the year was £865,907 compared to £862,256 for the year to June 2017.

As at 30 June 2018, the Group’s cash balances were £195,757 (2017: £565,128) with a further £153,000 outstanding in respect of warrants exercised and £576,000 in warrants underwritten and due for payment by the end of December 2018.

During the financial year, the Company undertook a placing of 100,250,000 new ordinary shares at a price of 0.8p per share, raising £802,000 before fees and expenses. 

The Group is continuously monitoring the rate of cash usage to ensure a balance between investment, achieving major milestones and having sufficient working capital.

 

Outlook

Lionsgold has, since the year end, continued to transition from being a gold exploration and mining company with a complementary financial technology (“fintech”) division, to a fintech company with complementary gold mining assets.  The Company completed the branding and repositioning of its 100% reserve banking platform combined with a hard currency – “Tally”.  TallyTM operates seamlessly with and complementary to, government issued fiat currency and the fractional reserve banking system.  Each TallyTM is one milligram of gold directly owned by the customer and evidenced in their individual banking account. It has been a busy time since the end of June 2018 as we expanded the scope and commercial potential of TallyTM.  Additionally, since balance sheet date Lionsgold has continued to support the development of its gold assets in India and Finland, and in line with the evolution of TallyTM, the Company has been working with its advisers to enable the public access to the equity of the Company as a publicly trading stock in the new year.  As part of the launch of TallyTM and in the lead up to seeing the Company’s shares admitted to trading once more, the Board is expected to be further augmented along with the operational team.

On behalf of my fellow directors I would like to thank all of our shareholders for their patience and support during this period of transition and transformation for Lionsgold, particularly against the backdrop of the Company’s shares being suspended from trading since mid-May 2018 and automatically cancelled from AIM in November. The Board remains committed to seeing the Company’s shares admitted to trading again in coming months and the Board believes the Company is well positioned to achieve an exciting and rewarding 2019 for the Group and Lionsgold shareholders.

 

 Cameron Parry

Chief Executive Officer

10 December 2018

 

Board of Directors

Cameron Parry (aged 44) (Chief Executive Officer)

Mr Parry is a serial innovator and chief executive of quoted public companies in both the fintech and mining sectors.  He is the founder of the vertically integrated gold business branded Lionsgold, and co-founder of the complementary mainstream banking platform and hard currency, TallyTM.  He was the founder and inaugural CEO of natural resources investing company Metal Tiger PLC (LSE: MTR) and co-founder and inaugural Executive Chairman of Coinsilium Group Ltd (NEX: COIN) – the world’s first blockchain fintech company to list on a recognised investment exchange (Dec 2015).  Mr Parry is also Joint-CEO and major shareholder of 30-year old London Stockbroking firm, First Equity Limited.  First Equity is regulated by the Financial Conduct Authority(“FCA” Licence No. 124394) and Mr Parry is an FCA approved person (FCA reference number CJP01234).

Michael Corcoran (aged 38) (Non-Executive Director & Interim Chairman  – appointed 13 July 2018)

Mr Corcoran is an experienced corporate lawyer, focused on the London Stock Exchange AIM Market and Standard List, who has been lead adviser on over 20 Initial Public Offerings and Reverse Takeovers and advised on secondary fundraisings of more than £500m in aggregate.  His sectors of focus have been natural resources, life sciences and financial technology and he is also experienced working in emerging markets. He is a partner at Hill Dickinson LLP and former partner at Kerman & Co LLP.

 

Hanuma Prasad (aged 53) (Non-Executive Director)

Dr Hanuma Prasad is the CEO of Australian Indian Resources Ltd (“AIR”), an India focused multi-metals group that in 1994 established Geomysore Services (India) Private Limited (“Geomysore”) – a leading India exploration company of which Lionsgold currently owns 21.92% and AIR owns approximately 30%.  He has been working with Geomysore since 2001, initially as exploration manager and currently as technical and strategy advisor, overseeing, together with their Managing Director, the operations at its most advanced project, Jonnagiri.  Dr Prasad has 23 years’ experience in geological exploration, feasibility studies and project due diligence, within India as well as on projects in numerous other territories around the world, including the Archaean greenstone belt in Eastern Finland, near Lionsgold’s Finnish joint venture.

 

Michael Joseph (aged 47) (Non-Executive Director – appointed 09 November 2018)

Mr Joseph, is a highly successful entrepreneur and the Managing Director of Right Choice Insurance Brokers Limited (“RCIB”) – a company he founded and commenced trading in 2008 and has grown year on year, now employing more than 300 people, with over 250,000 customers currently, and in its last full financial year ending 31 December 2017, had turnover in excess of £26m generating in excess of £9m in earnings before tax for the 12-month period. RCIB’s business is underpinned by its own purpose-built data technology platform and the competitive advantage it delivers. In June 2018, Lloyds Bank private equity division (“LDC”) invested £28m at a valuation over £100m. RCIB is regulated by the Financial Conduct Authority (“FCA” reference number 475620) and Mr Joseph is an FCA approved person (FCA reference number 01051) for relevant control functions.



 

Directors’ Report

The Directors present their report together with the consolidated financial statements of the Group comprising Lionsgold Limited (the Company) and its subsidiaries for the year ended 30 June 2018 and the independent auditor’s report thereon.

Performance review

The Group made a total comprehensive loss of £832,272 during the year ended 30 June 2018 (2017: total comprehensive loss of £865,141).

 

Principal activities and future developments

The Group’s principal activity during the period under review was the development of gold exploration and mining assets in India, in partnership with its Indian associate, Geomysore Services India Private Limited (‘Geomysore’), and the gold exploration and production testing work by its Finnish Joint Venture, Kalevala Gold Oy.

The Group also acquired TallyMoney Ltd as a wholly owned subsidiary in its fintech division, and evolved the opportunity and scalability of its mobile phone banking application utilising physical gold as a currency into a 100% reserve banking platform combined with a physical gold currency as a B2C and B2B product offering.

 

Subsequent events

As announced on 18 July 2018, the Company issued and allotted 20,000,000 New Ordinary Shares for the receipt of £240,000 in respect of the exercise of 20,000,000 1.2p warrants on 29 June 2018. The New Ordinary Shares rank pari-passu with existing Ordinary Shares and will be admitted to trading on AIM when the current suspension is lifted. £87,000 was received before the yearend, with the remaining £153,000 included in trade and other receivables.

Further notices of exercise were received on 20 September 2018, 20 October 2018 and 20 November 2018 in respect of warrants issued in the December 2017 placing to subscribe for 12,000,000 new ordinary shares of no par value each at a price of 1.2p per share in each of those three months, injecting a total of £432,000.

The remaining 12,000,000 1.2p warrants are to be exercised in December 2018 and are fully underwritten.

Notice of exercise was received and payment made in November for 8,181,818 warrants issued in the July 2016 placing, for new ordinary shares of no par value each at a price of 2.2p per share, injecting £180,000.

On 9 November 2018, the Company announced that its wholly owned subsidiary Goldbloc Limited (originally named TRAC Technology Limited) had changed its name to TallyMoney Ltd. The Company entered into live testing of its mobile phone banking app and concurrently completed the branding, marketing and market segmentation work that culminated in the 100% banking platform and hard currency “Tally”. The B2C rollout of TallyTM is due to commence in Q1 2019.

On the same day, the Company announced that Mr Michael Joseph had been appointed as a Non-Executive Director.

No further subsequent events took place which require disclosure in these consolidated financial statements.

 

Principal risks and uncertainties

The Group is exposed to a variety of financial risks including foreign exchange risk, market risk, liquidity risk, tax risk and credit risk.  These risks are discussed in detail in Note 2.

Financial instruments and associated risks

The Board of Directors is committed to effective risk management and is responsible for ensuring that the Group has an appropriate framework in place to identify and effectively manage business risks and to monitor business performance and the Group’s financial position. The Board is also responsible for overseeing compliance with regulatory, prudential, legal and ethical standards. These risks are discussed in detail in Note 15.

Accounting policies

The accounting policies of the Group as set out on pages 24 to 33 have been applied consistently during the year.                            

Dividends

No dividends have been paid and the Directors do not recommend the declaration of a dividend for the year ended 30 June 2018 (2017: nil). 

 

Directors’ remuneration and interests 2018

 
Remuneration
Interests
 
Director
Cash-based payments
Share-based payments
 
Totals
Shares
Options

 
£
£
£
No.
No.

Cameron Parry (Chief Executive Officer)
175,500
175,500
27,962,655
10,000,000

Luke Cairns
24,000
24,000
2,000,000

Hanuma Prasad
36,378
36,378
1,800,000

David Price
14,000
4,000
18,000
500,000

 
249,878
4,000
253,878
28,462,655
13,800,000

 

2017

 
Remuneration
Interests
 
Director
Cash-based payments
Share-based payments
 
Totals
Shares
Options

 
£
£
£
No.
No.

Cameron Parry (Chief Executive Officer)
85,000
55,000
140,000
10,000,000
10,000,000

Luke Cairns
70,000
70,000
8,000,000

Hanuma Prasad
17,721
17,721
1,800,000

Harvinder Hungin (Chairman)
28,333
28,333

Stephen Oke
39,470
39,470

 
240,524
55,000
295,524
10,000,000
19,800,000

 

No new options were issued during the year (2017: 19,800,000). In December 2017 a total of 6,000,000 options were exercised for proceeds of £132,000 (2017: nil). These are detailed in note 12.

The above remuneration relates to Lionsgold Limited Directors only. The Key Management Personnel remuneration disclosed in Note 17 to the financial statements has been calculated on a consolidated basis and includes payments to other Key Management Personnel. Mr Hanuma Prasad , non-executive director of the Company, received £35,417 in professional and consultancy fees from Geomysore during the year to 30 June 2018 (2017: £22,813).

 

Results for the year and financial position as at 30 June 2018

 

The Consolidated Statement of Comprehensive Income and the Consolidated Statement of Financial Position are set out on pages 18 and 19 of the financial statements.

 

Accounting records

The Directors believe that they have complied with the requirements of Section 244 of the Companies (Guernsey) Law 2008, as amended with regards to the financial statements by employing appropriate expertise and providing adequate resources to the financial function within the Group.

 

Statement of Directors’ responsibilities

 

The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and regulations. 

Companies (Guernsey) Law 2008, as amended and AIM rules require the Directors to prepare financial statements for each financial year.  Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards as adopted by the EU and applicable law. 

The financial statements are required by law to give a true and fair view of the state of affairs of the Group and of the profit or loss of the Group for the year. 

In preparing these financial statements, the Directors are required to:

n select suitable accounting policies and then apply them consistently;

 

n make judgements and estimates that are reasonable and prudent;

 

n state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

n prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

 

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group and to enable them to ensure that the financial statements comply with the Companies (Guernsey) Law 2008, as amended and the AIM rules.  They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities. 

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.

The Company is compliant with AIM Rule 26 regarding the Company’s website.

 

Directors’ confirmation

 

The Directors confirm that they have complied with the requirements in preparation of the financial statements as at the date of approval of this report.  So far as the Directors who held office at the date of approval of this Directors’ Report are aware, there is no relevant audit information of which the Group’s auditor is unaware, having taken all the steps the Directors ought to have taken to make themselves aware of any relevant audit information and to establish that the Group’s auditor is aware of that information.

 

Going concern

 

These financial statements have been prepared on the basis of accounting principles applicable to a going concern.  The Directors consider that the Group will have access to adequate resources, as set out below, to meet operational requirements for at least 12 months from the date of approval of these financial statements as well as the Group’s remaining commitments to investments. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

 

The Group currently has no source of significant operating cash inflows, and has incurred net operating cash outflows for the year ended 30 June 2018 of £623,349 (2017: outflow of £766,236).  At 30 June 2018, the Group had cash balances and term deposits of £195,757 (2017: £565,128) and a net working capital (current assets, including cash, less current liabilities) of £336,020 (2017: £491,872).  As at 30 June 2018, the Company had an underwriting agreement in place for all of the remaining 48,000,000 warrants exercisable at 1.2p each and expiring 31 December 2018, which will provide a further £576,000 as outlined in the ‘Subsequent events’ section of this report.

 

Lastly, notice of exercise was received and payment made in November for 8,181,818 warrants issued in the July 2016 placing, for new ordinary shares of no par value each at a price of 2.2p per share, injecting £180,000.

The Group continues to take steps to manage operational expenditure effectively and the capital required for budgeted activities and working capital for at least 12 months from the date of the approval of the financial statements. 

 

It is anticipated that funds will be generated within the Group through the TallyTM banking platform and the raising of equity capital. The opportunities of raising equity capital include:

 

·      receipt from the exercise of part or all of the remaining 42,509,091 warrants issued with a 2.2p exercise price as part of the placing with the incoming CEO in July 2016, exercisable prior to and including 27 January 2019;

·      receipt from the exercise of all of the (underwritten) remaining 12,000,000 warrants issued with a 1.2p exercise price as part of the 30 November 2017 placing; and

·      new capital raising initiatives to be implemented by the Board in the lead up to and as part of a planned readmission to trading of the Company’s shares on the London Stock Exchange AIM Market or other recognised investment exchange.

 

 Corporate governance statement

 

From 28 September 2018, AIM companies are required to adopt a recognised corporate governance framework. The Company has chosen to adopt the Quoted Companies Alliance (QCA) Corporate Governance Code for small and mid-sized companies.

Details of how the Company will apply this can be found on the Company website – www.lionsgold.com.

On behalf of the Board

 

_____________________________________ 

Cameron Parry – Director

10th December 2018

Lionsgold Limited and its controlled entities

Consolidated Statement of Comprehensive Income

for the year ended 30 June 2018

 

 

 

 

Group

 

Note

2018
£

2017
£

Continuing operations

 

 

 

Revenue

3

40,802

Administrative expenses

 

(744,992)

(699,569)

Loss from operating activities

 

(704,190)

(699,569)

 

 

 

 

Finance income

 

43

799

Finance costs

4

(3,483)

(75,878)

Net financing costs

 

(3,440)

(75,079)

 

 

 

 

Share of loss of associate

7

(116,220)

(87,608)

Loss on disposal of associate

11

(42,057)

 

Loss before tax

 

(865,907)

(862,256)

 

Income tax

5

 

Loss for the year

 

(865,907)

(862,256)

 

Other comprehensive loss

Items that may be reclassified subsequently to profit or loss

Foreign exchange translation

 

33,635

(2,885)

 

Total comprehensive loss for the year

 

(832,272)

(865,141)

 

Basic and diluted earnings per share (p)

 

14

(0.24)

(0.44)

 

 

 

 

Loss attributable to:

 

 

 

Owners of the parent

 

(851,363)

(862,256)

Non-controlling interest

 

(14,544)

 

 

 

 

 

 

(865,907)

(862,256)

 

 

 

 

 

 

 

 

Total comprehensive loss attributable to:

 

 

 

Owners of the parent

 

(817,728)

(865,141)

Non-controlling interest

 

(14,544)

 

 

 

 

 

 

(832,272)

(865,141)

 

 

 

 

 

 

 

 

Lionsgold Limited and its controlled entities

Consolidated Statement of Financial Position 

as at 30 June 2018

 

 

 

Group

 

Note

2018

£

2017

£

Non-current assets

 

 

 

Intangible assets

6

405,159

Investments – other

7

1,270,997

539,945

Investment in associates

7

3,899,218

2,926,054

Total non-current assets

 

 5,575,374

3,465,999

 

 

 

 

Current assets

 

 

 

Financial assets at fair value through profit or loss

8

60,847

Trade and other receivables

9

214,003

4,368

Term deposits

 

71,435

Cash and cash equivalents

 

195,757

493,693

Total current assets

 

 470,607

569,496

 

 

 

 

Total assets

 

6,045,981

4,035,495

 

 

 

 

Current liabilities

 

 

 

Trade and other payables

10

134,587

77,624

Total current liabilities

 

134,587

77,624

 

 

 

 

Total net assets

 

5,911,394

3,957,871

 

 

 

 

Equity          

 

 

 

Share capital

13

Share premium

13

28,375,551

24,588,942

Reserves

13

296,389

47,743

Accumulated losses

13

(22,760,546)

(20,678,814)

 

Total equity

 

5,911,394

3,957,871

 

These financial statements were approved by the Board of Directors on the 10th of December 2018 and were signed on its behalf by: 

 

_______________________

Cameron Parry

Director

 

 

Lionsgold Limited and its controlled entities

Consolidated Statement of Changes in Equity

for year ended 30 June 2018

                                                                                                                                     

 

 

Share capital

 

Share premium

Share based payment

reserve

Foreign exchange translation reserve

Accumulated losses

Total equity

 

 

£

£

£

£

£

£

 

 

 

 

 

 

 

Balance at 30 June 2016

7,440,546

15,690,724

28,958

(11,286)

(19,845,516)

3,303,426

 

 

 

 

 

 

 

Loss for the year

(862,256)

(862,256)

Other comprehensive loss – foreign exchange translation

(2,885)

(2,885)

Total comprehensive loss for the year

(2,885)

(862,256)

(865,141)

 

 

 

 

 

 

 

Transfer of lapsed options

(28,958)

28,958

Issue of shares

1,682,600

1,682,600

Cost of issue

(163,120)

(163,120)

Issue of warrants

(61,808)

61,914

106

Reallocation of share capital to share premium following designation of shares to nil par value

(7,440,546)

7,440,546

 

Total contributions by and distributions to owners

(7,440,546)

8,898,218

32,956

28,958

1,519,586

 

 

 

 

 

 

 

Balance at 30 June 2017

24,588,942

61,914

(14,171)

(20,678,814)

3,957,871

 

 

 

Lionsgold Limited and its controlled entities

Consolidated Statement of Changes in Equity

for year ended 30 June 2018

 

 

Attributable to owners of the parent

 

 

 

 

 

Share capital

 

Share premium

Share based payment

reserve

Foreign exchange translation reserve

Shares to be issued reserve

Accumulated losses

Total

Non-controlling interest

Total equity

 

£

£

£

£

£

£

 

 

£

 

 

 

 

 

 

 

 

 

 

Balance at 30 June 2017

24,588,942

61,914

(14,171)

(20,678,814)

3,957,871

3,957,871

 

 

 

 

 

 

 

 

 

 

Loss for the year

(851,363)

(851,363)

(14,544)

(865,907)

Other comprehensive loss – foreign exchange translation

33,635

 

 

33,635

 

33,635

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss for the year

33,635

 

(851,363)

 

(817,728)

 

(14,544)

(832,272)

 

 

 

 

 

 

 

 

 

 

Issue of shares

3,790,409

240,000

4,030,409

4,030,409

Cost of issue

(3,800)

(3,800)

(3,800)

Acquisition of non-controlling interest

(1,255,358)

(1,255,358)

(94,250)

(1,349,608)

Disposal of non-controlling interest

 

 

 

108,794

108,794

 

Exercise of warrants

 

(24,989)

 

24,989

 

 

 

 

 

 

 

 

 

 

 

Total contributions by and distributions to owners

3,786,609

 

(24,989)

 

240,000

(1,230,369)

2,771,251

 

14,544

2,785,795

 

 

 

 

 

 

 

 

 

 

Balance at 30 June 2018

28,375,551

36,925

19,464

240,000

(22,760,546)

5,911,394

5,911,394

 

 

 

Lionsgold Limited and its controlled entities

Consolidated Statement of Cash Flows

For the year ended 30 June 2018

 

 

Note

2018

2017

 

 

£

£

Cash flows from operating activities

 

 

 

Loss for the year

 

(865,907)

(862,256)

Adjustments for:

 

 

 

Share based payment

 

44,000

55,107

Share of loss of associate

 

116,220

87,608

Loss on disposal of associate

 

42,057

Fair value loss on financial assets

 

653

Net financing charge/ (income)

 

3,440

(303)

Foreign exchange variances

 

(4,606)

 

 

 

 

Operating loss before changes in working capital and provisions

 

(659,537)

(724,450)

Change in trade and other receivables

 

7,661

199

Change in other current assets

 

25,387

Change in trade and other payables

 

28,527

(67,372)

Net cash used in operating activities

 

(623,349)

(766,236)

 

 

 

 

 

Cash flows from investing activities

 

 

 

Interest (paid)/ received

 

(3,440)

303

Funds movement in term deposit account

 

71,435

214,213

Acquisition of subsidiaries net of cash acquired

11

(173,216)

Payments to investments in associates

7

(643,429)

Acquisition of investments

7

(1,270,997)

(362,346)

Acquisition of intangible assets

6

(226,440)

Acquisition of financed assets at fair value

8

(61,500)

Net cash used in investing activities

 

(2,307,587)

(147,830)

 

 

 

 

 

Cash flows from financing activities

 

 

 

Proceeds from the issue of shares

 

2,636,800

1,450,000

Cost of issue

 

(3,800)

(163,120)

Net cash from financing activities

 

2,633,000

1,286,880

 

Net (decrease)/ increase in cash and cash equivalents

 

(297,936)

372,814

Foreign exchange gain on cash balances

 

1,721

 

Cash and cash equivalents at 1 July

 

493,693

119,158

 

Cash and cash equivalents at 30 June

(Excludes term deposits of nil)

(2017: £71,435)

 

195,757

493,693

 

Significant non cash transactions in the year related to:

–     57,995,304 new ordinary shares at 2.3p per share were issued as part of the final consideration for the acquisition of TallyMoney Ltd.

 

–     5,000,000 new ordinary shares at 0.8p per share were issued in lieu of consultancy services and a further 500,000 at 0.8p per share in lieu of directors fees.

The notes to the financial statements are areavailable to view in the Company’s annual report, which will be available to view on the Company’s website from 11 December 2018.

Enquiries:

Lionsgold Limited

Cameron Parry (Chief Executive Officer)

Tel: +44 (0)20 8065 0215

Smaller Company Capital Limited (Broker)

Rupert Williams / Jeremy Woodgate

Tel: +44 (0)20 3651 2911

About LIONSGOLD Limited (LSE: LION)

Lionsgold is a London Stock Exchange AIM market quoted, gold-focused company involved in the exploration, production and retail application of physical gold, with gold assets in India and Finland and a wholly owned financial technology company developing physical gold as a currency.

Lionsgold’s three core focuses are:

·     Strategic partnership with leading India gold exploration and mine development company, Geomysore, in which Lionsgold holds 22%;

·     Developing physical gold as a currency under its wholly owned financial technology subsidiary and 12.5% holding in banking platform developer Railsbank Technology Ltd, to enable customers to utilise their own physical gold with the convenience of everyday banking via the international banking system; and

·     Gold exploration and production in Finland via 32% ownership of Finnish joint venture.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

Tally Gold Currency and Banking Platform

Lionsgold Limited

(“Lionsgold”, “LION” or the “Company”)

Tally – Gold Currency and 100%-Reserve Banking Platform

Lionsgold (LSE: LION), the gold company focused on the exploration, production and retail application of physical gold, including the development of physical gold as a currency, is pleased to provide the following update in relation to the rebrand and repositioning of the physical gold currency developed within the Company.

Formerly known as “Goldbloc”, over the course of this year the vision and potential application have evolved as a physical gold currency and alternative banking platform that operates complementary to fiat currency denominated banking accounts. In reviewing the former name and brand positioning in the context of the expanded scope of the platform and B2B2C business model, and following much deliberation and research over many months around multiple names and visual identities with a leading London brand stategy agency, the currency and platform is now “Tally”.

·    Tally gives people the choice with their money to be able to access a 100%-reserve banking platform using a hard currency.

·     Each Tally is a milligram of gold directly owned by the customer and utilised in their individual banking account and debit card.

·    Important to note, Tally is not a fiat (government-issued) currency and Tally is not a cryptocurrency. Tally is a tangible asset utilised seemlessly via a customer’s banking account and debit card that operates complementary to fiat currencies using the mainstream banking system.

·    The new holding page for the product is: www.TallyMoney.com where people can register to receive priority access to open a Tally account upon the platform’s public release. 

·    Lionsgold has moved to secure trademark rights for use of the words “Tally” and “TallyMoney” in the relevant categories of use and in line with the rebrand.

·    Lionsgold’s wholly owned UK subsidiary company “Goldbloc Ltd”, has today changed its name to “TallyMoney Ltd” (and the company name as Electronic Money Directive Agent on the Financial Conduct Authority register will be updated accordingly).

Cameron Parry, Chief Executive Officer, commented: “The team are delighted to release the new name and brand of the gold currency and full-reserve banking platform – “Tally”. This new positioning reflects the expanded scope and B2B2C product offering and business model.

“Congruent with the real physical gold currency we’re delivering, “Tally” is a real word that is both a noun and a verb that refers to a unit, a ledger, a measurement of account and the action to count up, to correspond and to agree. It is still used in the modern vernacular and can be used in the singular or plural form, as a unit of one, or many. The board believes “Tally” to be a fitting and appealing brandname to serve as both the name of the unit of currency and the name of the platform.

“Money is omnipresent in our daily lives. We encourage all shareholders and followers of Lionsgold to register at www.TallyMoney.com to be notified when the platform goes live to the public and ensure they are some of the first to have access to depositing, spending and transacting in “Tally”.

“Finally, as today is the last business day before automatic cancellation of LION shares from trading on the London Stock Exchange AIM market, we wish to inform shareholders that the Company’s Annual General Meeting is planned to be held around the 19th of December in Guernsey with a pre-AGM shareholders meeting to be held in London during the week prior to the AGM. The notice of AGM shall go out within the next two weeks and that and other communications will continue to be released periodically via ‘RNS Reach’ during the time the Company is off the market. 

“The board and staff would like to thank shareholders for their patience and support as Lionsgold transitions through this pivotal phase of its corporate and commercial development. And finally, we wish to reassure all shareholders of our complete commitment to see the Company make application to recommencing trading of its shares on AIM in Q1 2019.”

Lionsgold Limited

Mining and Exploration Assets Update

RNS Number : 9409G
Lionsgold Limited
09 November 2018

Lionsgold Limited

(“Lionsgold”, “LION” or the “Company”)

Mining and Exploration Assets Update

Lionsgold (LSE: LION), the gold company focused on the exploration, production and retail application of physical gold, including the development of physical gold as a currency, is pleased to provide the following update in relation to its gold exploration and mining interests.

Over the course of 2018, Lionsgold has continued to support its partners in both India and Finland; one being a leading Indian gold exploration company, Geomysore Services India Limited (“Geomysore”), and the other Lionsgold’s Finnish Joint Venture (“JV”) company, Kalevala Gold Oy (“Kalevala”).

Cameron Parry, Chief Executive Officer, commented: “It has been a constructive year in relation to our two most developed projects, being Jonnagiri in India, and Kuikka in Finland.  The teams on the ground have each achieved significant progress, albeit at times under challenging circumstances.

At Jonnagiri, lengthy neogiations with some 600 landowners have advanced to Geomysore now having completed lease agreements and payments for approximately 1,300 acres with circa 150 acres to conclude.  In addition, Geomysore has now received consent letters for the purchase of approximately 227.5 acres at commercially acceptable prices, out of the 350 acreas intended to be acquired to commence the mine build – noting that of the balance remaining, 27 acres is government land and Geomysore owns 6 acres, thus there is 90 acres left to secure.

In Finland, the licence application process continues with regard to a 5,000 – 7,000 tonne bulk sample being taken at Kuikka and processed, whilst concurrently application is progressing for small scale underground mining of the high grade deposit at Kuikka.  In relation to the 200 tonnes of gold ore approved for equipment testing use, after overcoming some personal health issues encountered by the two team leaders, Kalevala is now in the process of melting and pouring the gold concentrate at their facility near Joensuu and members of the Lionsgold team are visiting next week to observe the process and discuss plans for 2019.

Lionsgold has continued to provide its share of funding support during the course of this calendar and has increased its shareholding in Geomysore to 21.92% and increased its shareholding in Kalevala to 32.4%.  We are pleased and proud of our partners in India and thankful to the team in Finland for all of their efforts this year and what they have achieved.  We look forward to continuing our work together in the new year.”

India Gold Summary

Lionsgold has a diversified set of interests in exploration and mining projects in India through its 21.92% shareholding in Geomysore Services India Pvt Limited.  Geomysore holds exploration rights covering in excess of 900km2 in India including a granted 30-year mining lease (“ML”) at Jonnagiri covering 6km2.  The Jonnagiri Gold Project (“Jonnagiri Mine”) is situated in the state of Andhra Pradesh and is Geomysore’s most advanced project.  An NI 43‐101 compliant Feasibility Study was completed in late 2017 (“Feasibility Study”) resulting in a decision to mine.  The team are focused on securing and structuring the required finance to facilitate the purchase of the ML area and development of mine and associated infrastructure, to see the Jonnagiri mine be the first privately owned and operated gold mine in India.  At full production Jonnagiri is forecast to produce approximately 25,000 ounces of gold per annum.

 As detailed in the Feasibility Study, the Jonnagiri Mine Base Case production profile is based on the 151,020 Probable Reserve gold ounces currently and shows a Net Present Value of USD$28.2 million (pre-tax) (based on USD$1 = INR67.08 at time of the study) applying an 8.48% discounted cash flow rate.  The Internal Rate of Return (IRR) for the Base Case is 24.0% pre-tax and 17.8% post-tax.

 Further detailed in the Feasibility Study, the Jonnagiri Mine Total Production Case, which includes the processing of low grade stockpiles and the Inferred Resource within the optimised pit shell, produces an NPV of USD$34.9 million (pre-tax) applying an 8.48% discounted cash flow rate.  The IRR for the Total Production Case is 28.0% pre-tax and 20.9% post-tax.

 In addition to Jonnagiri, Geomysore’s portfolio contains numerous exploration and development targets and its South Kolar Project (“South Kolar”), situated in the Southern part of the Kolar Gold Field (which historically produced 25 million ounces of gold over 100 years of operation), located in the state of Andhra Pradesh, represents the next target contemplated for mine development.  The South Kolar target has been refined to an area covering approximately 10km2, and Geomysore has signed a Memorandum of Understanding with the government of Andhra Pradesh to progress development of the area into commercially viable mine and Geomysore is currently pursuing its Mining Lease Application with the Ministry of Mines in New Delhi.

 Finland Gold Summary

 Lionsgold’s Finnish JV company, Kalevala, holds approximately 1,500km2 of gold prospective ground in Finland, including over 90% of the Suomussalmi Greenstone Belt and significant coverage of the Kuhmo Greenstone Belt.  Located immediately south of the Suomussalmi Greenstone Belt where Kalevala’s Kuikka Gold Deposit is hosted, the Kuhmo Greenstone Belt is the largest Archaean greenstone belt in Finland, being up to 10km wide and more than 100km from north to south.

The Kuikka Gold Deposit (“Kuikka”) is located within the Syrjälä Project area on the prospective Suomussalmi Greenstone Belt.  Originally defined by 4,359m of diamond core drilling undertaken by the Geological Survey of Finland (GTK) and the Finnish company Outokumpu Mining, Kuikka was subject to a further 937 metres of infill RAB drilling carried out by Lionsgold JV partner Mineral Exploration Network (Finland) Ltd (“MENF”) in 2016.

During 2017 work at Kuikka concentrated on detailed planning, mapping and further grade confirmation drilling as part of the environmental permitting and optimisation of the bulk sampling programme.  An additional 22 inclined RAB drill holes were drilled to help refine understanding of the morphology of the central vein and parallel gold mineralisation, to a depth of up to 10m, within the envelope of the planned bulk sample.  This work was completed ahead of equipment testing that took place in 2018 on 200 tonnes of gold ore and a targeted box-cut bulk sampling programme. A small-scale high-grade underground mining will be potentially permitted to occur in 2019.

The technical information in this statement which relates to the Feasibility Study on Jonnagiri is based on information compiled by Mr Gordon Cunningham who is a full-time consultant with Turnberry Projects Pty Ltd (Johannesburg, South Africa), a Professional Engineer with the Engineering Council of South Africa and a Fellow of the South African Institute of Mining and Metallurgy. Mr Cunningham, as lead FS consultant, consents to the publishing of the information in relation to the FS in the form and context in which it appears.

All RNS Announcements

Holding(s) in Company

Thu, 8th Nov 2018 18:01

 

RNS Number : 8422G
Lionsgold Limited
08 November 2018

TR-1: Standard form for notification of major holdings

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:

Lionsgold Limited

1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligationiv

Name

Michael Paul Joseph

City and country of registered office (if applicable)

4. Full name of shareholder(s) (if different from 3.)v

Name

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reachedvi:

02/11/2018

6. Date on which issuer notified (DD/MM/YYYY):

08/11/2018

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

4.17%

4.17%

564,641,114

Position of previous notification (if

applicable)

A: Voting rights attached to shares
Class/type of
shares

ISIN code (if possible)

Number of voting rightsix % of voting rights
Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GG00B3M9KL68 23,525,000   4.17%  
         
         
SUBTOTAL 8. A 23,525,000 4.17%
 

 

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period
xi
Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights
         
         
         
    SUBTOTAL 8. B 1    
 

 

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period 
xi
Physical or cash

settlementxii

Number of voting rights % of voting rights
           
           
           
      SUBTOTAL 8.B.2    

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

X

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity
xiv (please add additional rows as necessary)

Namexv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional informationxvi

Place of completion

London, United Kingdom

Date of completion

08/11/2018

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