With an agreement over underwriting for issues above $10M, Mr Chi is looking to increase his holding over and above his entitlements and hence above his current 19.99% (assuming Tranche 2 is approved). I guess we now have the terms of the anticipated reconstruction referred to earlier. Balaton have long been supporters and without them GPR would no longer exist. There are no synergies between a gold company and engineering solutions in the power and EV industries and so this is purely an investment initiative by Mr Chi. However, being a current "victim" of another Chinese company's takeover activity with TIE at a price far below the independent report (Zhaojin Capital looks set to succeed in taking majority control) I am nervous about the future. I wonder if Mr Chi has an "arrangement" with a Chinese gold company over this placement with GPR?
At least Mr Chi recognises value in this extremely lowly valued gold prospect. As a typical plebeian retail investor, I have to be grateful for whatever I can get, but it would have been nice if GPR had included an offering for its long suffering supporters.
GPR Price at posting:
2.7¢ Sentiment: None Disclosure: Held
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