why give away 10,000,000 options?

Could someone please explain to me why Greenday Corporate Pty Ltd, in its capacity as corporate adviser, having co‐ordinated the Placement for GBZ needs to get 10,000,000 options (no doubt in addition to cash)?

We have drilled 150 lineal meters of 2,000 meters of Milo, and if we discover similar mineralisation over 1/2 that length and an initial resource of say (conservatively) 150 million tonnes, then my guess is that our SP would likely be over $1.00 (pure guess).

If this eventuated, what risk have Greenday Corporate taken to pocket a cool 8 million AU$?

I have used (and risked) my life savings to compile a portfolio of GBZOA, while all Greenday have done is make a few phone calls and shuffled a few papers to organise some new investors for this potential bonanza.

No doubt GBM will be paying the overhead costs in cash anyway.

Why not pay them a percentage of the Cap Raising, and then they are welcome to buy shares or Options on market like the rest of us.

I have great respect for the efforts of the board, but I don't agree with this course of action, it appears to be looking after a select group and their sophisticated investor clients.

If I'm wrong, then the company needs to explain why the extra shares at 12c and the free 10M options are strategically important for the company to achieve its goals (and I look forward to it).

Otherwise it appears to be a great example of being pennywise and pound foolish, giving millions of dollars of potential company value away.

With-in the 15%, we will still get $3,000,000 less costs, and surely that (with (2M?)existing cash) is enough to drill plenty of holes to evaluate Milo and the anticipated resource increase (NB: open at length and depth).

If this occurs as anticipated, our SP will increase in proportion, and we can raise more money at a less dilutionary amount (who knows, it might even be over 20c).

The 15% rule is there for a reason, it is to give shareholders a say if they think too much of the company's potential is being given away too cheaply.

Well that is exactly what appears to be happening!

Please vote no to the three resolutions, which will lead to unnecessary dilution.


John S.

All IMHO

Please don't give GBM's blue sky potential away!