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Goldmoney Inc
Symbol C : XAU
Shares Issued 76,882,984
Close 2018-12-04 C$ 1.70
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Goldmoney doesn't say why trading was high

2018-12-05 07:46 ET - News Release

Mr. Steve Fray reports


Goldmoney Inc. has provided a corporate update.

As previously announced on Nov. 14 and Nov. 26, 2018, Goldmoney will distribute to its shareholders on a pro rata basis 3.99 million Class B subordinate voting shares of Mene Inc., a TSX Venture Exchange listed company. The exact ratio to make this distribution will be 0.051767721 of a Mene share for each common share of Goldmoney held as of close of business on the record date.

The payable date remains as previously announced as Dec. 7, 2018.

The company has announced the resignation of Josh Crumb from the board of directors with effect from Dec. 4, 2018. "It is with great regret that the board has accepted the resignation of Josh Crumb as a director of the company, which he has served with me since the inception of BitGold over five years ago," said Roy Sebag, chairman. "The board and staff are thankful for the meaningful contributions Josh has made, and we wish him well in his new endeavours."

The company draws attention to the high trading volume in the shares of the company on Dec. 4, 2018, and Nov. 24, 2018, which were accompanied by a decline in the share price. The company is of the view that there were forced sales on these two days as a result of margin calls. The company is unaware of any material change in its operations that would account for the recent market activity.

Goldmoney also announced today revisions to its disclosure concerning Goldmoney Wealth Ltd. (GWL), one of Goldmoney's wholly owned Jersey subsidiaries. GWL is incorporated in Jersey and regulated by the Jersey Financial Services Commission (JFSC). In the management discussion and analysis disclosure accompanying the release of the company's first quarter results on Aug. 8, 2018, it reported that there were one-off, non-recurring professional fees of $1.8-million, most of which was incurred with a Jersey-based consulting firm to ensure GWL meets all compliance and regulatory requirements of the JSFC. This disclosure was made because the increase in professional fees relating to GWL (as well relating to Mene) was a material expense item that in part explained the company's Q1 results. As had been anticipated in the company's Q1 MD&A, these consulting fees do not continue. The underlying GWL-related compliance matters that were addressed in this consultation process were not material to Goldmoney, as a whole, because no other entities in the Goldmoney group of companies were affected by such issues. This extensive consultation has now been completed. The results of this consultation have allowed Goldmoney to better assess the role of, and importance of, GWL in the Goldmoney family of companies. While GWL remains an important subsidiary, largely as a result of its legacy business following the combination in 2015 of GWL and other Jersey entities within what is today the business of Goldmoney, Goldmoney's past disclosure relating to GWL in Goldmoney's annual information form (AIF) for the financial year ended March 31, 2018, was not intended to suggest that GWL is material to the operations of Goldmoney, as a whole. Goldmoney will be revising and refiling its AIF to clarify any impressions to the contrary and will be doing so by no later than Jan. 31, 2019.

About Goldmoney Inc.

Goldmoney, a financial service company traded on the Toronto Stock Exchange, is a global leader in precious metal investment services and the world's largest precious metals payment network. Safeguarding nearly $1.6-billion in assets for clients located in more than 150 countries, Goldmoney is focused on a singular mission to make precious metals-backed savings accessible to all. Powered by Goldmoney's patented technology, the Goldmoney Holding is an on-line account that enables clients to invest, earn or spend gold, silver, platinum, palladium and cryptocurrencies that are securely stored in insured vaults in seven countries.

We seek Safe Harbor.

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