The recently announced acquisition of the Finland Lithium Projects accompanied with a Placement was nothing other than a thinly disguised fund raiser for working capital to continue with the gold projects. The arrogance of the management of GNM in their reply to 7D.1c (ii) of the Proposed issue of securities:
Please explain why the entity has chosen to do a placement rather than a +pro rata issue or an offer under a +security purchase plan in which existing ordinary +security holders would have been eligible to participate, quote: "the Company believes that this is the most efficient mechanism for raising funds at this time.: end quote!
~ I do not believe anything this company says, more to follow!!!!
I seriously don't know whether to laugh or laugh harder .......
Is it the level of disdain the company has for ordinary shareholders and/or maybe no one would notice or is the Company too busy holding hands and smooching with CPS Capital that they neglected to inform the market on the appointment of Ariel King? but a resolution appears in the General Meeting announcement. Sometimes the little things can spark some interest and give the share price a bit of a kick? ? ?
~ Bear in mind also that King is also a director of CPS Capital.
Resolution 8(a) - (d) - Approval the issue Director Options to Directors - Ariel King, Cameron McLean, Simon Coxhell and Donald Garner (and/or their nominees)
Explanatory Memorandum:
10.6 (a) the Director Options will be issued to each of the existing Directors of the Company being Messrs Ariel King, Cameron McLean, Simon Coxhell and Donald Garner (and/or their nominees)
10.6 (b) each of Messrs Ariel King, Cameron McLean, Simon Coxhell and Donald Garner fall within the category of Listing Rule 10.11.1 by virtue of being Directors of the Company;
10.6 (c) the total number of Director Options to be issued to the Directors (on a post Consolidation basis) is 12,000,000 Director Options comprising:
(i) 3,000,000 Director options to be issued to Ariel King (and/or his nominee)
10.6 (i) the relevant interests of the Directors in securities of the Company as at the date of this notice are:
Ariel King1 Shares - Nil, Options 1,803,5722
Footnote 1Ariel King was appointed to the Board on and from the 1 May 2023
Footnote 2 1,803,572 Options exercisable at on or before 1 July 2023 are indirectly held by King Corporate Pty Ltd.
Shakes My Head
cheers
Read the resolutions carefully and understand what you are voting on ..............
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