listing in london tonight

GIP have raised about GBP700,000 (AUD 1.7m) by placing 25m FPO's at 2.8p per share for listing on the AIM market tonight.

The AIM code will be GIP and GIPO.

Listing broker had no trouble filling the placement to 2 institions and private clients , I am told.

Strong demand for the offering was not satisfied and the listing tonight will likely be well supported , this may see a knock-on affect with GIP in Australia tommorrow.

Whilst GIP holders are now diluted by a further 25m shares , it should be noted that the Directors cancelled 11m options in favour of themselves so this partially off-sets the dilution factor.

Also the Directors , who hold about 12% of the company have agreed to escrow their shares for 1 year from the date of AIM listing.

GIP now has all the cash it needs to complete the BFS , due in June and progress to mining the ridiculously large resource of Tantalum and FeldSpar they have a 50% share of in Egypt.

Check it out if you dont already hold.

SALTY