Ann: Change of Director's Interest Notice x 3, page-6

yep and we wait ........

The directors aren't doing to bad with getting skin in the game @mots
They have a total of 39,359,678 shares at a cost of $420,206 ...
MacLean leading the way with 24,752,980 (6,180,000 of these were consideration shares for the ION acquisitions) and $214,575.00 cash outlaid.



@JBridgey There isn't much to narrate about, the last Company announcement in regards to progressing was the 30th November advising drilling was completed at Camel Creek, but the results are not due back (as advised by lab) towards the end of January. Given the lab flagged an unprecedented amount of samples and a back log, throw in the festive season it may be a longer wait.

But here is a debate point for you:
The company's last capital raise (closed over subscribed 8th Dec) the directors tried justifying excluding shareholders (as per the below transcript) but were quick to include themselves in the placement, also given the placement was done at $0.06c representing a 23% discount to the 15 day VWAP ~ no surprise the current share price is where it is .........

Webinar ~ McLean on the Placement:
Question raised why wasn't there a SPP with the recent Placement as what was done in the past?
McLean exactly as per webinar:
~ Why was there no share purchase plan for holders, we did undertake a share purchase plan early in the year, ummm, there was a shortfall, we are approaching Christmas, ummm and from a timing perspective we wanted to keep it simple, so there was no so ummm overhang into into next year, January is typically pretty difficult ummm to raise funds, people are away, ummm we had support from our broker so, we wanted to go into 2022 with, ummm the funding not being a distraction ummm, because as Simon has alluded to we have a number of milestones in early January, ummm assays, scoping study, ummm resource estimate at Camel Creek, we saw that having funding was going to be, ummm you know too much of a distraction.
~ should we have waited until the assays came out at the end of January was another question that ummm I had here, maybe we could of done it at a higher price but I guess at the levels we raised at whilst it is a disappointment, ahhh I think it is a risky business ummm putting off your Capital Raising in the hope that the market might appreciate assays that we haven't even got yet. So that was the thinking behind that ummm as I say now we are well placed to build on a massive year for the Company.

(i) are assays due early January or the end of January? - from their own announcement, 30th November it is the later - end of Jan
(ii) is the Camel Creek JORC resource estimate due early Jan? as per alluding to milestones early Jan as above - obviously not possible before the assays are released.
(iii) Scoping Study early Jan? as per alluding to milestones early Jan as above ~ I would have a degree of confidence that the Company would be working on the Scoping Study whilst waiting on the other pieces of the puzzle to be completed, IMO< there will only be a minimal time gap post assay results, Camel Creek resource estimate before releasing the SS - again, no to an early January outcome,
(iv) a subtle dig at shareholders SPP early in the year with the mention of a shortfall? ~ considering it is nearing the end of January, a Rights Issue could have easily have been completed before and expected news flows, so the malarky of no overhang into next year or raising funds being a distraction doesn't sit with me, I am pretty sure the directors have the ability to multi-task?
~ What also doesn't sit well with me, as a shareholder of GNM, and I quote MacLean "we had support from our broker" well Mr MacLean, what about the support the shareholders have shown the company over the journey? What further irritated me, the Directors managed to get themselves nice parcels of shares (which some shareholders voted in favour for in the recent meeting) further diluting shareholders (500m shares added to SOI) without being able to minimise dilution through participating in a Rights Issue!
(v) did GNM really need to cash raise now, and by his commentary "putting off capital raise in the hope the market might appreciate assay results that we haven't got yet" does not instil much confidence.
(vi) I would like to know, what was the selling point to get sophisticated investors, 708's, a broker interested enough to take an allotment?
~ the broker is self explanatory - $180,000 fee and 40,000,000 options

IMHO, I thought MacLean didn't present very well during the Webinar, (and yes all the "ummms" were in his narrative)

cheers