15 % in 2 days, page-4

reply to middle - gym spp oversubscribed << Do you know when the SPP shares become available to trade? I asked the registry and they had no idea. >>

middle,
New shares will be available next week.
The SPP and placements will be voted on at the GM on Monday 19 May.
If you elected the full $5,000 worth in the SPP @ 33.5c you can expect to get a refund cheque for some of the amount. The issue was oversubscribed. (see further down)

Big volume (2mil+) in GYM today and closed up 6.7%.
Must be some more good news expected at the meeting next week.

IMHO GYM is one for the long hold - expect it to trade in the 65-70c range before year end. My forecast could be way out, but I'll hold to see the levels of 12 month ago - $1+
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Share Purchase Plan Oversubscribed
15 May 2003

Gympie Gold Limited is pleased to advise that its Share Purchase Plan has closed oversubscribed, thus ensuring that the maximum of $6.4 million is raised by the Plan.

Applications were received for approximately 14% more shares than the maximum number of shares to be issued under the Plan. In accordance with the terms of the Plan, the shares applied for in each application will be scaled back on a pro-rata basis.

Shares to be issued under the Plan are expected be allotted early next week and shareholders will then be notified by mail of the number of shares they have been allotted.

Holders of Gympie Gold's convertible notes were not eligible to participate in the Share Purchase Plan. However, in order to reflect the dilutionary impact of the shares issued under the Share Purchase Plan, the Conversion Ratio of the convertible notes will be adjusted from 0.7407 to 0.7567.