Ann: $55 Million Capital Raising for Development of Dalgaranga, page-13

Lang, echo your thoughts strongly. (really looking forward to Glenburgh getting the drilling it has always deserved) Management really are a cut above the majority on the ASX.

@abitlikeme - not many gold stocks have this sort of performance after having 30% dilution!

Wishing my other gold stocks could do the same. ha.

in fact I think I will sell some of my other stocks to grab more at $0.50. Obviously the retail allocation will be scaled back too.. hmm.. as of Oct last year, there were approx 2000 shareholders... if they all try and get $15k, that will total $30m! ha. Hmm.... huge scale back. I doubt that would happen though. Perhaps a 50% scale back?

@albatrosss - I think after having held so many resource stocks, and all, all of them end up going to the market as they enter the development stage, then ramp up, another raising, then finally, even after they successfully ramp up, to repair the balance sheet (just look at BLK, sigh). So much dilution and always when stocks are under pressure. As you say, M.D has seen it all before and clearly has some wise heads around him to simply not make the mistakes that so many others do. I know you probably know all this, but just putting it out there.

So... where does this all leave GCY.
By the end of the quarter, after costs of the cap raising (my guess sadly 5%), drilling, admin etc. GCY should have around $55m in cash. The project will cost approx $86m to develop. They stated they could get debt funding of between 60-70%. So a loan of between $51.6m to $60.2m. Leaving cash required of between $25.8m-$34.4m. Which gives GCY wiggle room of around $20.6m- $29.2m. Considering that lending costs are stupidly low and the track record of GCYs management, plus the fact they are going to go with a fixed price for the plant, I really expect to see a very good debt package. Considering the likes of SLR and RMS are sitting at market caps of around $400m now and GCY ASIC will be dramatically lower (SLR easily $300-400 lower), I wonder where GCY will sit once it hits commercial production next year.