Kolar Gold Limited - Gold Trading Platform JV and Strategic Investment

Kolar Gold Limited

("Kolar Gold", "Kolar" or the "Company")

Gold Trading Platform Joint Venture and Strategic Investment

Kolar Gold Limited (LON: KGLD), the AIM-quoted gold exploration and mine development company, is pleased to announce that it has agreed terms for a joint venture with TRAC Technology Limited ("TRAC") to launch an online gold and silver trading and storage platform for the Indian market (the "JV").  In addition the Company has acquired 27.3% of existing shares in TRAC for US$50,000 in cash and approximately US$50,000 in Kolar Gold shares through the issue of 2,600,000 new ordinary shares at an implied price of 1.6p each ("Consideration Shares").

 

Highlights

·    Kolar Gold has secured the final part of its threefold strategy through initiation of financial technology ("Fintech") JV for India and strategic equity position in Fintech JV partner;

·    JV using proven and established web-based application that enables people to directly own, store and trade physical gold and silver ("Online Platform"), to be adapted for the Indian market;

·    India has a population of 1.25 billion people and is the world's second largest consumer of gold bars/coins and gold jewellery (195.8 and 668.5 tonnes respectively in 2015);

·    Strategic stake in TRAC concurrently acquired to align interests and compound potential upside from JV success in India whilst maintaining access to other markets;

·    TRAC currently stores, on behalf of its clients, over 120kg of gold and in excess of 4.3 tonnes of silver, across vaults in London, Geneva, Singapore and Hong Kong.

·    India-focused Fintech product able to commence revenues in 2017; and

·    The JV shall be on a 50:50 basis between the Company and TRAC whereby Kolar will provide the first £50,000 and TRAC will act as the technology partner and utilising its proven platform in the UK, www.therealasset.co.uk

 

Cameron Parry, CEO of Kolar Gold, commented: "We are delighted to have agreed this JV with TRAC, enabling Kolar to launch an online resource for gold trading and storage for the people of India, building on our gold mine development and exploration interests in country and leveraging off our network there.  This JV, using proven technologies and expertise, gives us a low cost entry point into a potentially vast market.

 

"TRAC is an ideal partner for this venture, having the experience of developing and establishing the Online Platform in the UK, and aided further with TRAC's CEO and founder, having operational experience of working in India.  Further, by taking the strategic equity stake in TRAC we stand to compound the benefit to Kolar of success achieved by the JV whilst providing exposure to opportunities in other territories.

"In the three months since the new management team has been in place, Kolar has set out its corporate direction, completed its operational review, and implemented its threefold strategy.  Kolar has strengthened its business relations with its gold exploration partners in India whilst seeing the resource at its most advanced project materially increase, it has diversified jurisdictional risk and project potential through our joint venture in Finland, and created a new opportunity with the Company's background in gold and India through our Fintech initiative.  We look forward to continuing Kolar's rapid progression and providing further updates soon."

 

Key Terms of the JV:

·    New company to be established, 50% owned by Kolar, 50% owned by TRAC ("TRAC India");

·    TRAC to grant exclusive licence to TRAC India for use of its technology and knowhow (including personnel) associated with the Online Platform in India;

·    Kolar to initially provide up to £50,000 and thereafter any funds required to be on a pro rata basis or otherwise through third parties;

·    All IP developed through the JV to be retained by TRAC India; and

·    Kolar has the right to appoint a majority of directors to the board of TRAC India.

 

Strategic Equity Holding in TRAC

In addition to the JV, Kolar has acquired a 27.3% interest in the existing equity of TRAC for US$50,000 in cash and approximately US$50,000 in stock through the issue of 2,600,000 Consideration Shares at an implied price of 1.6p per Consideration Share.  The Consideration Shares have a lock-in period and are not permitted to trade before 31 January 2017.

TRAC was founded in 2010 in the UK and developed a gold and precious metals trading platform, allowing users to easily track and trade physical gold and silver.  TRAC generates revenues through transaction and storage fees.  When purchasing gold or silver through TRAC's platform, clients take direct ownership of the physical gold/silver in their own name with TRAC acting as custodian storing the asset at vaults across London, Geneva, Singapore and Hong Kong.  As at today's date, TRAC stores on behalf of clients in excess of 120kg of gold and over 4,400kg of silver.

Following their issue and allotment, application will be made for the Consideration Shares to be admitted to trading on AIM, expected to be around 4 November 2016. Following the admission to trading of the Consideration Shares, the Company's enlarged issued ordinary share capital will comprise 195,711,719 ordinary shares of no par value. This is the total voting rights figure that may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, the Company.

 

For further information, please visit www.kolar-gold.com or contact:

 

Kolar Gold Limited

Cameron Parry (Chief Executive Officer)

Luke Cairns (Executive Director)

 

Tel: +44 (0) 207 397 2880

 

WH Ireland Limited (Nominated Adviser)

Tim Feather

Ed Allsopp

 

Tel: +44 (0) 113 394 6600

 

Vicarage Capital Limited (Broker)

Rupert Williams / Jeremy Woodgate

 

Tel: +44 (0) 203 651 2911

 

Tavistock (Financial PR)

Tel: +44 (0) 207 920 3150

          Emily Fenton

 

 

2011 2012 2013 2014 2015 2016 2017 News Archive
DATE HEADLINE
2011-12-09 07:00:16 Kolar Gold Limited - Issue of Shares to Director
2011-12-08 17:24:46 Kolar Gold Limited - Result of AGM
2011-12-06 07:00:23 Kolar Gold Limited - South Kolar Gold Project - Drilling Update
2011-11-14 07:00:30 Kolar Gold Limited - Final Results
2011-11-07 08:59:27 Kolar Gold Limited - Kolar confirms three IP anomalies in South Kolar
2011-08-15 07:00:08 Kolar Gold Limited - South Kolar licence area - drilling update
2011-06-27 10:15:00 Kolar Gold Limited - Holding(s) in Company
2011-06-21 10:45:01 Kolar Gold Limited - Holding(s) in Company
2012-12-31 11:44:43 Kolar Gold Limited - Issue of Shares, etc
2012-12-31 10:51:13 Kolar Gold Limited - Result of AGM
2012-12-10 16:50:09 Kolar Gold Limited - Final Results
2012-12-07 15:03:38 Kolar Gold Limited - Composition of Board
2012-11-09 12:05:01 Kolar Gold Limited - Adviser Change of Name
2012-06-13 07:01:00 Kolar Gold Limited - Maiden Resource Statement - Mallappakonda
2012-04-02 07:00:13 Kolar Gold Limited - Positive drill results at Mallappakonda Deposit
2012-03-30 10:10:59 Kolar Gold Limited - Half Yearly Report
2012-02-29 07:00:34 Kolar Gold Limited - Change of Adviser
2013-12-20 10:29:50 Kolar Gold Limited - Result of AGM
2013-12-10 07:00:07 Kolar Gold Limited - Statement re Deccan Gold Announcement
2013-11-28 16:40:55 Kolar Gold Limited - Notice of AGM
2013-11-27 17:14:56 Kolar Gold Limited - Issue of Options
2013-11-20 07:00:03 Kolar Gold Limited - Final Results
2013-10-28 07:00:15 Kolar Gold Limited - Jonnagiri Mining Lease Granted
2013-08-19 07:00:06 Kolar Gold Limited - HoA with GMSI and Board Changes
2013-07-17 07:00:07 Kolar Gold Limited - BGML Mines Tender Update
2013-07-11 07:01:22 Kolar Gold Limited - BGML Mine Update
2013-07-03 07:44:25 Kolar Gold Limited - Holding(s) in Company
2013-06-06 15:09:26 Kolar Gold Limited - Holding(s) in Company
2013-04-03 07:00:05 Kolar Gold Limited - Exercise of Warrants and Issue of Shares
2013-03-25 07:13:28 Kolar Gold Limited - Half Yearly Report
2013-01-28 07:00:06 Kolar Gold Limited - Trading Update
2013-01-04 10:10:02 Kolar Gold Limited - Admission of Ordinary Shares
2014-12-22 16:02:58 Kolar Gold Limited - Result of AGM
2014-11-28 07:00:23 Kolar Gold Limited - Notice of AGM
2014-11-27 07:53:24 Kolar Gold Limited - Final Results
2014-11-27 07:00:11 Kolar Gold Limited - GMSI Investment and Jonnagiri Update
2014-07-24 10:11:06 Kolar Gold Limited - Director/PDMR Shareholding
2014-07-15 07:00:16 Kolar Gold Limited - Company Update
2014-03-31 11:39:42 Kolar Gold Limited - Half Yearly Report
2014-03-13 09:35:44 Kolar Gold Limited - Holding(s) in Company
2014-02-11 09:26:51 Kolar Gold Limited - Holding(s) in Company
2015-12-31 12:02:55 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) Kolar Gold
2015-12-31 10:40:22 Kolar Gold Limited - Result of AGM
2015-12-22 18:34:11 John George Rodway - Form 8.3 - Kolar Gold Limited
2015-12-22 11:54:12 Kolar Gold Limited - FORM 8 PUBLIC OPENING POSITION DISCLOSURE
2015-12-18 10:26:37 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Ltd
2015-12-17 10:46:09 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI)- Kolar Gold
2015-12-15 09:01:54 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Ltd
2015-12-14 11:35:13 Kolar Gold Limited - Notice of AGM
2015-12-10 11:48:13 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Ltd
2015-12-09 10:24:28 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2015-12-08 07:00:07 Kolar Gold Limited - Final Results, Board Changes & Offer Period
2015-11-16 07:00:04 Kolar Gold Limited - Replacement: Change of Registered Office
2015-11-11 07:00:10 Kolar Gold Limited - Change of Registered Office
2015-09-16 09:55:20 Kolar Gold Limited - Holding(s) in Company
2015-09-15 17:55:38 Kolar Gold Limited - Statement re. Press Comment
2015-03-30 11:34:09 Kolar Gold Limited - Half Yearly Report
2015-02-03 14:44:37 Kolar Gold Limited - Holding(s) in Company
2016-12-28 11:50:30 Result of AGM
2016-12-09 07:00:08 Kolar Gold Limited - Final Results
2016-11-23 07:00:08 Kolar Gold Limited - Appointment of New Director
2016-11-01 07:00:06 Kolar Gold Limited - Gold Trading Platform JV and Strategic Investment
2016-10-21 07:00:07 Kolar Gold Limited - Indian Resource Size Increase
2016-10-13 07:00:08 Kolar Gold Limited - Finland Gold Joint Venture MOU Signed
2016-09-30 17:10:02 Kolar Gold Limited - Directorate Change
2016-09-19 14:52:48 Kolar Gold Limited - Holding(s) in Company
2016-09-15 14:01:17 Kolar Gold Limited - Operational Review and Strategic Update
2016-08-22 07:25:32 Kolar Gold Limited - Holding(s) in Company
2016-08-03 11:26:37 Kolar Gold Limited - Holding(s) in Company
2016-08-02 09:36:38 Kolar Gold Limited - Holding(s) in Company
2016-08-01 11:13:47 Kolar Gold Limited - Holding(s) in Company
2016-07-29 15:10:42 Kolar Gold Limited - Holding(s) in Company
2016-07-29 08:23:30 Kolar Gold Limited - Change of Website Address
2016-07-27 14:04:50 Kolar Gold Limited - Result of General Meeting and Director's Dealing
2016-07-12 09:59:30 Kolar Gold Limited - Change of Adviser
2016-07-12 07:00:07 Kolar Gold Limited - Change of Adviser
2016-07-12 07:00:07 Kolar Gold Limited - Placing, Board Changes and General Meeting
2016-07-07 13:40:29 Kolar Gold Limited - Funding Approved at GMSI EGM
2016-07-06 07:00:07 Kolar Gold Limited - Update on GMSI - Drilling and Study
2016-06-10 16:36:19 Kolar Gold Limited - Director Notification
2016-06-10 16:35:03 Kolar Gold Limited - Director Notification
2016-06-07 17:07:27 Kolar Gold Limited - Stmnt re Share Price Movement
2016-04-19 09:55:52 Kolar Gold Limited - Change of Adviser
2016-04-01 08:56:57 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Ltd
2016-03-31 11:08:18 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) -Kolar Gold Ltd
2016-03-30 13:45:07 Kolar Gold Limited - Half Yearly Report & Strategic Review Update
2016-03-30 11:50:41 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Ltd
2016-03-29 09:12:49 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Ltd
2016-03-24 10:23:11 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Ltd
2016-03-23 17:30:02 Damille Investments II Limited - Form 8.3 Disclosure Kolar Gold
2016-03-23 11:24:47 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Plc
2016-03-22 10:36:53 Neil Greetham - Form 8.3 - Kolar Gold Limited
2016-03-22 10:31:58 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Plc
2016-03-21 11:43:00 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Plc
2016-03-18 12:23:44 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-18 10:22:09 Grant Stevens - Form 8.3 - Kolar Gold Limited
2016-03-17 10:39:12 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-16 11:14:47 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-15 11:49:18 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-14 18:00:00 Paul Johnson - Form 8.3 - Kolar Gold
2016-03-14 11:24:37 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-11 08:51:10 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-10 11:26:44 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-09 10:51:15 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-08 11:44:06 Kolar Gold Limited - Statement Re: Share Price Movement
2016-03-08 09:30:27 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-07 15:03:48 Andrew Neal - Form 8.3 - KOLAR GOLD
2016-03-07 12:07:06 Grant Stevens - Form 8.3 - Kolar Gold
2016-03-07 11:03:41 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-03-04 11:18:03 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-29 10:35:18 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-29 07:00:09 Grant Stevens - Form 8.3 - Kolar Gold Limited
2016-02-26 09:59:12 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-26 08:08:14 Peter Allaway - Form 8.3 - Kolar Gold
2016-02-12 14:54:35 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold amend
2016-02-12 10:05:13 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-09 11:04:28 Kolar Gold Limited - Form 8.3 - Kolar Gold
2016-02-09 10:40:15 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-08 11:58:00 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-04 14:08:01 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-03 11:57:00 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-02 11:08:17 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-02-01 11:12:55 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-01-29 11:51:10 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-01-28 14:28:00 Paul Johnson - Form 8.3 - Kolar Gold plc - Amendment
2016-01-27 15:22:57 Kolar Gold Limited - Replacement - Form 8.3 - Kolar Gold
2016-01-27 12:45:24 Kolar Gold Limited - Form 8.3 - Kolar Gold
2016-01-27 10:01:23 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-01-20 16:58:48 Kolar Gold Limited - Form 8.3 - Kolar Gold
2016-01-20 16:36:00 Paul Johnson - Form 8.3 - Kolar Gold plc
2016-01-20 09:37:56 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-01-19 12:02:02 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-01-18 11:10:49 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-01-14 10:18:45 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold
2016-01-13 09:13:34 Nplus1 Singer Capital Markets Ltd - Form 8.5 (EPT/RI) - Kolar Gold Ltd
2016-01-11 14:53:17 David Budd - Form 8.3 - Kolar Gold
2016-01-07 16:32:24 Kolar Gold Limited - Form 8.3 - Kolar Gold
2017-12-14 09:05:21 Lionsgold Limited - Second Price Monitoring Extn
2017-12-14 09:00:18 Lionsgold Limited - Price Monitoring Extension
2017-12-13 16:41:06 Lionsgold Limited - Second Price Monitoring Extn
2017-12-13 16:35:39 Lionsgold Limited - Price Monitoring Extension
2017-12-13 14:00:14 Lionsgold Limited - Price Monitoring Extension
2017-12-11 11:49:04 Lionsgold Limited - Final Results
2017-12-08 12:27:48 Lionsgold Limited - Holding(s) in Company
2017-12-08 11:35:35 Lionsgold Limited - Issue of Equity
2017-12-04 16:40:44 Lionsgold Limited - Second Price Monitoring Extn
2017-12-04 16:35:41 Lionsgold Limited - Price Monitoring Extension
2017-12-01 16:41:00 Lionsgold Limited - Second Price Monitoring Extn
2017-12-01 16:35:33 Lionsgold Limited - Price Monitoring Extension
2017-12-01 16:35:09 Lionsgold Limited - Additional Financing and Statement re. Share Price
2017-11-30 07:00:06 Lionsgold Limited - Financing
2017-11-23 15:43:07 Lionsgold Limited - Board Changes
2017-11-16 12:11:51 Lionsgold Limited - Feasibility Study Results and Next Mine Target
2017-11-08 07:00:04 Lionsgold Limited - Appointment of Global Strategy Consultant
2017-11-07 07:00:04 Lionsgold Limited - E-Money Licence Received
2017-10-24 11:25:22 Lionsgold Limited - Pilot Plant Testing Approval Received
2017-10-18 14:30:01 Lionsgold Limited - Fintech Gold Update - Goldbloc
2017-10-05 11:05:46 Lionsgold Limited - Finland Gold Joint Venture Update
2017-09-06 12:00:01 Lionsgold Limited - Holding(s) in Company
2017-08-30 07:00:04 Lionsgold Limited - Holding(s) in Company
2017-08-15 07:00:04 Lionsgold Limited - Feasibility Study Preliminary Results
2017-07-27 10:06:26 Lionsgold Limited - Increase in Indian Gold Company Shareholding
2017-07-12 10:15:01 Lionsgold Limited - Increase of ownership of Fintech Gold Company
2017-07-04 12:15:57 Lionsgold Limited - Mining & Exploration Projects Update
2017-06-22 12:51:05 Lionsgold Limited - Holding(s) in Company
2017-06-08 07:00:04 Lionsgold Limited - Strategic Placing; Director/PDMR Shareholding
2017-05-31 15:38:50 Lionsgold Limited - Indian Gold Portfolio Valuation and Project Update
2017-05-16 07:00:08 Lionsgold Limited - Gold ownership platform goes live
2017-05-03 11:53:24 Lionsgold Limited - Fintech Gold Increased Position
2017-03-30 07:00:07 Lionsgold Limited - Interim Financial Statements
2017-03-14 07:00:13 Lionsgold Limited - India Gold Resource Upgrade and Broker Appointment
2017-02-28 09:33:52 Lionsgold Limited - Broker Change and Finland Gold Update
2017-02-23 16:20:01 Kolar Gold Limited - Result of General Meeting and Change of Name
2017-02-02 07:00:10 Kolar Gold Limited - Proposed Change of Name
2017-01-18 08:45:02 Kolar Gold Limited - Operational update & issue of Director options
2017-01-17 11:25:04 Kolar Gold Limited - Holding(s) in Company
2017-01-05 07:00:07 Kolar Gold Limited - Finland Gold Update