Just had another read of the September announcement, the $3.5mill raised at 10cents a share. It appears in the 3B announcement that 35,000,000 shares were issued at 10c and 946,667 shares were issued for free.I take it the freebies were for the organiser of the company making deal.
STRATEGIC BUSINESS SUMMARY
"Citigold Corporation is a gold producer controlling Australia's richest major goldfield at Charters Towers in North Queensland. The high-grade deposit contains a gold
resource of 10 million ozs (23 Mt @ 14 g/t) with exceptional growth potential. Gold output is planned to grow to 300,000 ozs per year with gold production cash costs under A$350 per oz."
I thought they had changed to a Gold explorer, guess it is a play on words, Producer instead of miner.
Wonder how the Strategic Business Plan is shaping up this quarter, will we manage to get 3000 ozs or just reach the budgeted production figure of about 2000 ozs.
They may hold Australia's richest major goldfield but they also hold Australia's longest suffering and loss carrying shareholders.
My opinion only. DYOR
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