great support, page-8

Would have liked to have seen the same deal extended to all, but....., by the time all the paper work is sent to SH's and the GM is scheduled I would expect the SP to be higher and the Mom and Pop SH's will have had their cash in their pocket for an additional month, the SI's are paying up front (for 1st tranche and committed for 2nd) and as such are taking on additional risk and 1 months opportunity cost on their cash.

I have been involved in some of these 2 tranche CR's in the past, normally one is required to commit funds to both tranches, however the company can't take the money until SH approve the shares in excess of the 15%, ann. makes it quiet clear the 2nd tranche requires SH approval, think you are splitting hairs a little there SL.

With regards to the CR timing now seems highly appropriate, Povorotnoye acquisition was only completed in Feb. Prior to this why would GDN raise capital, to spend in the US? SL as you point out so often this would be a bad idea, I too certainly would not put in money to fritter away in the US. But would be more than happy to invest in GDN and their Ukraine programme. Any raising prior to Povorotnoye acquisition would have been pointless (I suspect if they had raised earlier you would be pointing out that they are raising money to drill on tenements they don't even have access to). Given the value I see in the Ukraine tenements I think it highly appropriate that they complete the acquisition and inform the market (hence presentation and road show through March), we have seen a re-rate to 1.8 cents and raise capital at the highest level they can to minimize dilution and maximize the exposure us shareholders have to Junes spud.

There's been history, lets see our team make history.