Ann: Citigold Raise $2.3 million through sale of , page-11

re: Ann: Citigold Raise $2.3 million through ... Vince12

The financial problems of Citygold are best highlighted by the last quarterly which showed a company running out of money soon. Re creditors there has been a number of posts here regarding creditors and debts. The retrenching of 30 employees just before Christmas followed by a sell off of Gateway shares below recent market price. A firesale in my opinion re the shares and a forced cost cutting exercise re employees. Citygold is in the gold mining business and now has cut staff and presumably its gold extraction rate unless it has found a way of doing the work with 30 less staff.