Business
Lions Bay Announces Further Implementation of South African Gold Strategy
Vancouver, British Columbia--(Newsfile Corp. - March 23, 2026) - Lions Bay Capital Inc. (TSXV: LB...
About this update from Lions Bay Capital, Inc.
[{"type":"text","content":"Lions Bay Announces Further Implementation of South African Gold StrategyVancouver, British Columbia--(Newsfile Corp. - March 23, 2026) - Lions Bay Capital Inc. (TSXV: LBI) (\"LBI\" or the \"Company\") announces it has increased its loan facility with Metals One plc (\"Metals One\") from CAD $4.0 million facility to CAD $10.0 million to provide additional funds to accelerate the creation of a vertically integrated gold business in South Africa through Lions Bay Resources (LBR). LBR is currently owned as 47.5 per cent each by LBI and the Salamander mining Group with the balance of 5 per cent owned by Metals One. Metals One has announced its intention to convert USD $1.8 million of its loan facility into additional equity in LBR so that its ownership of LBR would increase to 30 per cent and both LBI and the Salamander Group would reduce to 35 per cent each.In other significant developments LBR has reached preliminary agreement with the Business Rescue Practitioner of the Vantage Goldfields Group on suitable terms for the purchase of the assets and settlement of creditors. It is expected further details will be available in the next few days.Additional Loan to Lions Bay Capital To be applied by towards LBR's Vantage acquisition planFurther to the Company's news release on December 23, 2025, Lions Bay has signed a binding term sheet to increase its loan facility to CAD $10.0 million (the \"Facility\"), with the funds to be applied by LBI towards LBR's Vantage acquisition plan and for general working Capital. LBI has an authorised South African Reserve Bank channel for regulated lending and repatriation of funds in and out of South Africa and has therefore been determined by LBI, Metals One and LBR that advancing funds to LBI pursuant to the Facility is the most suitable route to provide the necessary funding to LBR to advance its strategy. The Facility is secured through:First-ranking fixed and floating charges over all of LBI's assets, property, rights and undertakings including (but not limited to): LBI's common shares of Fidelity Minerals Corp. (TSX-V: FMN | FSE: S5GM | SSE: MNYC) 16,926,506 common shares LBI's ordinary shares held (and to be held) in LBR (being 499 ordinary shares at the date of this agreement) granted by LBI in favour of Metals OneAll loan accounts to LBR held by LBI granted by LBI in favour of Metals OneAll de...