SINGAPORE (April 28): Raymond Tan, group CEO of LionGold, has resigned to “facilitate board renewal”, although he will stay on as a consultant after his resignation takes effect on April 30. 
An existing director, Sun Shu, has been appointed lead independent director. 
The company was one of the three penny stocks whose shares were allegedly manipulated by John Soh back in 2013. Tan was appointed LionGold CEO back in Jan 2012.
In the wake of the crash, LionGold, which operates gold mines in Australia, has seen new shareholders assuming control last October. 
Via an entity called Yaoo Capital, Yao Liang paid $23 million for 23 billion new LionGold shares at 0.1 cent each, giving him a 72% stake in the enlarged share capital of the company.
Yao assumed the role of group executive chairman on Nov 7.
In an earlier circular last Dec, Tan said Yao was his former client when he was at a partner at law firm Robert Wang & Woo. Tan introduced the Yao to this deal.
According to LionGold, Yao sees "untapped and discoverable potential” in the Ballarat project in Victoria, Australia, which the company owns.
For Q3FY2020 ended March 31 2020, LionGold reported a loss of nearly $2.4 million. It made $638,000 in the year earlier quarter. Revenue in the same period dropped by 34.9% y-o-y to $12.9 million.
The company attributed the lower revenue to a smaller amount of gold sold, from 11,800 ounces in 3Q2019 to 6,380 ounces in 3Q2020. 
The lower quantity was somewhat offset by higher average selling prices of $2,045 per ounce in 3QFY2020, versus $1,700 in the year earlier period.

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