interesting exercise..volume you say thats spot on remove volatility from the data and you had a buy trigger thrown on monday...
Cant chart without a reasonable volume/liquidity
anyway just noticed a 66 buyer pop up
heres an incomplete grab from todays notice
If you have difficulty in properly understanding this documentation, we urge you to consult your financial or legal adviser.
Purpose of the Meeting
Resolution 1
Preamble ASX Listing Rule 7.1 provides that a company must not, without shareholder approval (but subject to certain exceptions), issue during any 12 month period any equity securities or other securities with rights of conversion to equity (such as an option) if the number of those securities exceeds 15% of the number of fully paid securities on issue at the commencement of that 12 month period.
The Company continues to require funds to conduct its exploration program and to meet its working capital expenses. The funds raised by the issue of securities under this resolution will be use for these purposes. The Directors believe it is prudent to obtain the authority to place 20 million ordinary shares together with one option at no issue price, with an exercise price of 10 cents and a latest exercise date of 28 February 2013 for each ordinary share issued.
For the purposes of Australian Stock Exchange ("ASX") Listing Rules 7.3 and 7.5, the Company also advises:
1. The maximum number of securities to be issued is 20 million ordinary shares and 20 million new options.
2. The securities will be issued within 3 months of the date of shareholder approval.
3. The issue price of the ordinary shares will be at least 80% of the average market price calculated over the last 5 days on which sales of ordinary shares are recorded before the day on which the issue is made and there will be no additional consideration for the issue of the New Options.
4. At the date of this Explanatory Memorandum, the names of the proposed allottees and quantity to be issued to each allottee are not known, however, the Company plans to approach investors to whom a prospectus does not need to be provided under the Corporations Act.
5. The ordinary shares will be fully paid and will rank pari passu with existing ordinary shares on issue. The options will be issued on the terms and conditions set out in Appendix A to the Explanatory Statement.
6. The funds will be utilised for exploration and working capital for the Company.
7. The securities may be allotted progressively. The Company may not necessarily issue the full complement of securities and may issue a lesser number but always one option shall be issued for every ordinary share issued.
8. The securities the subject of this resolution shall be issued at the discretion of the Directors other than to Related Parties (as defined in the ASX Listing Rules).
GNL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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