well we finally smashed the '40' wall but I am surprised it didnt run further this morning.
Its now clear that IGO bought at least 22m shares which is a bit of a coup really to be able to acquire so many in one day at that price, so good luck to them. Will they be offered a seat on the board, will they talk JV or go for full control?
The IGO purchase is a vote of confidence in GOR and should ensure the project goes ahead according to schedule if not sooner. It may also help IGO to block competition, although the holding is not that significant just yet so I expect they will want more, and perhaps it may come later via a placement to help fund the project.
Assuming there was to be a third party interested they would probably also be looking to pick up a strategic holding to help their negotiations, but where will they get them from.
Minco have held on to a sizable parcel for investment purposes and so I assume they will sell to the highest bidder and I would expect the other major shareholders may also be canvassed.
Anyway got to be a positive, interesting times and a vote of confidence in the quality of the resource. Good luck to all.
GOR Price at posting:
42.0¢ Sentiment: None Disclosure: Held
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