re: 9 cent placement...this is crazy How can they issue shares...

re: 9 cent placement...this is crazy How can they issue shares at 9c when they are 30c.
Old mate pays 1 million dollars and ends up with 3 mill worth of shares, this is just not cricket.
Why dont they issue shares to shareholders at 9c, asic should look into this behaviour.


Gindalbie Metals issues 22.2m shares at 9c
11:39, Friday, 30 December 2005

Sydney - Friday - December 30: (RWE Australian Business News) -
Gindalbie Metals Ltd (ASX Code: GBG) reports 22.2 million shares have
been issued at 9c each to raise $2 million.
Half of the shares were issued to each of Connemara Investments
Pty Ltd, a Company associated with the Company's Chairman Mr George
Jones, and Ossan Pty Ltd, a Company associated with the Cape Bouvard
Group and Sarich Family.
The funds raised from the issue will be used for the further
development of the Company's Blue Hills Iron Ore Project.
ENDS