Ann: Gascoyne Raises $21 Million in Oversubscribed Placement, page-3

Agree Abit.
Its strongly held. Cannot deny I am still grumpy at this raising, basically a 24% discount to the last raising price. I am not at all surprised it was oversubscribed. The larger raising at $0.50 (as above) was also oversubscribed. Yet GCY management decided to not enlarge it. At least this time they took an extra $1m.

I am very happy with the amount to be spent on exploration over the coming months. Approx $1m a month pretty much duplicated DCNs spend. Although GCY will be splitting it on two projects, versus one.

The company is now (although until recently I had reasoned it was already) strongly backed cash wise for the rest of the project. The debt facility will add a further $60m of liquidity which will see GCY have approx (my estimation) $25m at June 30 after the plant has already started producing gold bars.

I wonder if we will see any overseas institutions take part in the placement (i.e Van Eck...)