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Lionsgold completes due diligence for 12.5% stake in fintech firm Railsbank

Gold-focused technology company Lionsgold Ltd. completed due diligence related to its planned investment for a 12.5% stake in banking software provider Railsbank Technologies Ltd.

Lionsgold will invest approximately £1.3 million for 130,800 ordinary Railsbank shares on a fully diluted basis when the software company's pre-Series A funding round concludes. In the future, if Railsbank issues new shares, Lionsgold will be entitled to pre-emption rights provided it is interested in 10% or more of the shares issued.

Further, Lionsgold's CEO, Cameron Parry, and global strategy consultant, Alan Davies, plan to invest £125,000 each for individual 1.23% equity stakes in Railsbank.

Meanwhile, TRAC Technology Ltd CEO Ralph Hazellwill plans to invest £50,000 for a 0.49% equity stake in Railsbank. TRAC is a fintech company majority-owned by Liongold, according to the Feb. 20 statement.

On completion of the transaction, with payment to be made over the following five business days, Parry will be appointed as nonexecutive director to Railsbank's board.

The deal entitles Lionsgold to exclusive access to Railsbank's banking platform for deposits, currencies, tokens and products related to gold and gold derivatives.