trend reversal, page-30

Bad decision to hold at this moment. GDN needs to raise more money for drill. That means more dilution on share value.

Option 1: Announcement BLM approval before fund raising. Management might think it could push the SP higher. But investor is not stupid. They will think if the price is 20c, then the funding raising will be about 6-7 c for sophisticated investors. Then the SP will drop back to 6-7 c. So they will not come in to push the SP higher. Then market will remain flat to wait for fund raising price eventually.

Option 2: Fund raising before BLM approval announcement, then the SP will be determined by the subscription fee of the new shares. We can see the SP dropping back to 4-5 c at this moment. Then BLM announcement. Do not want what happen then.

Therefore, at this moment, I am not holding.