towie,
whats the bet a bank underwrites it up to a certain amount. Gives the placement a bit of credence to maximise placement potential, the bank gets their $5mill back and has some stock to sell at potential profit. The whole thing sucks.
I feel for those with GTM shares. I once held and thought they were great potential but saw the writing on the wall when those bad announcements about lack of resource at chariot cam through.
Cheers
GTM
greentech minerals ltd - tba
1:34 consol + $21m placement, page-16
Currently unlisted. Proposed listing date: TBA