GLN's $4 million raising at 27.5c. Those investors have not yet receive their shares. Once received their shares (Appendix 3B) IMHO at least 20-30% (ie 4.4 million shares) most likely will sell down. From my experiences it is always the case. There are always some holders only want to make a quick gain. It is pretty stupid that GLN offered massive discount and raised at 27.5c. Why didn't they wait until hole 3 results if they are confident share price will rocket above 50c especially GLN was not short of cash?
Didn't you say GLN will well funded until 2020? Why capital raising at 27.5c?
I still stick to my view. IMHO BMG will get to 3.5c (5 folds) before GLN gets to $2.05 (same 5 folds) especially if BMGOA does not get exercised (that's what I'm hoping).
Spoke to BMG, back of envelope calculation expecting... 2 km X 6 km X avg 120 metres = 1.45 billion litres (actually the size is much biggest, but using conservative calculation). 1.45 billion litres X 1500 ppm (estimated) X 1.2 (SG estimated) X 0.15 (porosity estimated) = 400,000 tonnes of lithium. That's only one area. BMG has other two areas of similar sizes to explore.
Natalie prospect expected to double or triple land holding for free. I know that area well. That's good spot.
