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Castlemaine Goldfields Ltd, LionGold Ltd of Singapore offers all scrip takeover

Castlemaine Goldfields Limited (ASX Code:CGT) (“Castlemaine”) is pleased to announce a share placement to, and recommended takeover offer from, LionGold Corp Ltd (SGX: Code:ST) as follows:

a) a placement of 33,913,000 new Castlemaine shares at a price of 11.5 cents per share to LionGold raising $3,899,995 of new equity (“Placement”); and

b) the entry into a Bid Implementation Deed for an off-market takeover bid for all of the issued
shares in Castlemaine other than the Placement shares (“Offer”).

Consideration for the Offer will be in LionGold shares, with Castlemaine shareholders offered 2 LionGold shares for every 9 Castlemaine shares. The transaction values Castlemaine at 18.4 cents per share, being a 62% premium based on the last trading day volume weighted average price (“VWAP”) of LionGold shares on 13 April 2012, and a 51.7 % premium to the 30 day VWAP for Castlemaine shares prior to this announcement.

The Offer is unanimously recommended by the Castlemaine board in the absence of a superior proposal. The Castlemaine directors intend to accept the Offer for the shares held by them in Castlemaine in the absence of a superior proposal.


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