CR funds (7.1) received on 24 April: $10,981,603 (this is for the 99.8M shares quoted under 7.1)
Balance of CR funds (7.1A) received sometime in May: $1,660,000
Subtotal: $14,038,603
Unaudited cash position at 26 May (per investor presentation) : $7,000,000
This implies a cash burn since 31 March of around -$7M. Even if you're generous and say they didn't receive the $1.66M from the 7.1A shares until after 26 May (which seems highly unlikely) they still burned -$5.3M in two months. They now have another $335,000 from the SPP and they do still have the 6.5M director shares to be settled and quoted, which was supposed to be done by 10 June. This will bring in another $700K, presuming it goes ahead. But where is all this money going?
GLN Price at posting:
9.7¢ Sentiment: None Disclosure: Not Held
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