some good news for gda holders. the company has raised $200,000...

some good news for gda holders. the company has raised $200,000 with the exercise of abut 20m options at 1c.

problem is that going from previous years (eg 2006, 2007), the company needed $2m per year, simply to do about nothing. when they were having a good time in 2008 , the company needed $3m.. as has been previously mentioned, the company has indicated that there will need to be a capital raising.

from the annual report

"The Company was successful with its recent Entitlement Offer, the shortfall being placed after year-end.
However, because of market conditions, this was a small raising and will need to be supplemented by a further raising this year if the Company is to meet its short-term objectives."

will find out next week,. how many options have been exercised