It failed Pooh_Bear because of very bad SOG management.
People are getting away from the key points regarding CTO's future, a deep hole and lack of power, red herrings.
I had quite a few CTO and got sucked into all the hype.
Unless production is increasing considerable, the money they raised here will be swallowed up in the black hole of Citigold.
If production was increasing considerable - they would have plastered it all over the news!
1 - Can someone anwer this question, why did they only raise a lousy 3.7 million.
Is it because it was all they could raise, as I suggested way back, it's not a good time to raise money.
Do you think they will pull this stunt of again?
And when they do have another go, what do u think the entry price will be ??
26 May 2007: Brisbane, Australia – Citigold Corporation Limited (Citigold)
(ASX:CTO, DIFX:CTO, FSE:CHP) is pleased to announce that the Company has
raised A$3,725,000 through a share placement to international investors.
This placement is inline with the Company’s regular bi-annual capital raisings and
replaces the usual first half 2008 share purchase plan. The successful placement
was for 13,303,571 ordinary shares, plus 1,330,357 unlisted options exercisable at
$0.37, raising a total of A$3.725 million. The shares were placed to international
investors and several funds, based out of London and the Asia/ Pacific region.
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