Please correct me if I am wrong, but check out the resolutions in the annual report:
30M shares to be issued (to sophisticates) at 1.5c before AGM on 26th Nov
70M shares to be issued (to sophisticates) at 1.5c soon after AGM following shareholder approval
6.7M shares to Errol for blowing shareholder funds with no value add as usual (although I do have some respect for his partial shares instead of cash remuneration choice)
33.3M shares to Tarney at 1.5c for the $500k loan the company has used
9.3M shares to Sija at 1.5c for $140k of the loan the company has used
Negative - the company has spent about $500k this quarter and the drill rig isn't even on site at vainglorious yet... that's a lot of money spent for a quarter gathering rock chip samples! Could send my nephews out there with a bucket and shovel for half the price
About 150M shares to be issued which would take the company register to over 450M undiluted!!!
Positive - $1.5M is coming into the company coffers over the next 1-2 months which should allow some good drilling to finally occur!
Anyway, could be good times ahead if the drill rig eventually gets to work and hits some pay-dirt.
Must admit, although I truly believe in the QLD tenement I have lost patience and took a hit dumping a chunk of my stock today. The $1.5M coming in is great, but the 50% expansion to the share register sucks balls plus, based on history, management will probably blow the incoming cash in the following quarter for no results.
Im still invested though, GLTA.
P.S. All hail the prophet Cheapprice...a man I should have listened to along time ago
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