AGM:Proposed issue 50Mill shares for development of project, page-3

1. The approval of Resolution 5 provides the Company with the ability to place new Shares to institutional, professional and sophisticated investors under section 708 of the Corporations Act in an efficient manner and in a very short timeframe, thereby reducing the financing risk for the Company during the current period of gold price and market volatility. The Placement Facility will enable the Company to introduce leading institutional investors who have the financial capacity to continue to fund the Company’s development of the Dalgaranga Gold Project. The Directors will assess the suitability of utilising a share purchase plan at the time the Placement Facility is used. The flexibility provided by the approval of Resolution 5 should place the Company in a stronger position to negotiate and secure debt facilities and enable the Company to react quickly to investor appetite to participate in providing equity funding as we release updates on our projects over the coming months.

Hi Georgie, I would suggest your best buying strategy is "get em while you can". As with all Goldies, GCY SP to some extent tracks POG movements. However, yesterdays lazy 1.9M X trade well shows informed support at current level. For me GCY ticks the following critical boxes

People: GCY have an experienced B&M and successful geological team with demonstrated past success (Giralia Resources).
Share structure: Very tightly held with significant holdings by B&M, Instos, and Sophs.
Project(s): Both Dalgaranga & Glenburgh have favorable geology (low AISC) and +1MOZ resources. Safe geopolitical/mining jurisdiction with approvals largely in place. Significant resource/exploration upside in highly prospective terrains

GCY's challenge remains the ability to raise Dalgaranga development funds without severe dilution. While I might prefer raising as mix Debt facility with a look in (SSP) for current holders, I'm comfortable with management approach as it provides a further option for raising development funding for Dalgaranga and I will vote accordingly.