It is anticipated that the new Galaxy Board will be further strengthened with the appointment of new directors to add international technical and financial experience and expertise. -
WHY? Aren't the current board members up to it?
General Mining Corporation’s primary assets are the right to earn 50% of the Mt Cattlin spodumene project (from Galaxy) in Western Australia, and an option to earn 50% of James Bay spodumene exploration project in Quebec. Canada. At Mt Cattlin, General Mining’s remaining earning milestones include the payment of A$18m in cash consideration to GXY, having spent A$7m in restart capital prior to the commissioning of the operation in Q12016. At James Bay, General Mining has the option to earn 50% through USD$5min exploration expenditure over 3 years.
So what GXY sold to them is now worth more or has GXY regretted the initial sale?
The Company (GMM) also holds title to a range of gold exploration tenements in the Murchison region of Western Australia.
What are they worth?
Seems to me the GXY share price was driven down by those in the know to benefit GMM!
GXY Price at posting:
39.5¢ Sentiment: Sell Disclosure: Held