They aqre looking to issue convertible bonds, also, to the value...

They aqre looking to issue convertible bonds, also, to the value of $35m. This company is not poor. From the most recent ANN on cash:

http://liongoldcorp.listedcompany.com/newsroom/20140212_193531_A78_F7D0B1DCAF79829048257C7D0037806B.1.pdf

"The Group maintains sufficient cash and cash equivalents of S$35.8 million as of 31 December 2013."
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They should just pay up, independent of current capital raising activities. Noble was ready to bankrupt Tinkler for reneging on a placement promise, ultimately getting cash from Tinkler, and with him getting no shares- not a bad outcome for Blackwood. I know UML is not Noble, but companies can't just promise deals and then fail them.

Let's face it, UML is almost "worthless" in terms of share price/market cap- perhaps overdone? No debt, some cash, operations uncertain, but priced like gold is $1100-$1200, not $1300+. I recall when LG was taking over every dodgy gold company it could find- some out of bankruptcy. Surely UML is better than that. A hope could be that MOL could take over UML for cash (or even MOL shares although in suspension?), because either would be a better outcome than getting LG scrip- mostly because it is not on the ASX, but otherwise because it is a most unusual prospect for investors.

I often compare UML with MOY, but the reality is that MOY is in $40m debt, and its low market cap reflects that. No debt for UML reflects hope. One would have to think UML is very close to bottoming.