Making my occasional check in on GCR (interest is in Copper...

Making my occasional check in on GCR (interest is in Copper Hill) and just realised I was a week late catching up with this quarterly.

It looks like the ASX is finally going to force them to do some work. The land banking muppets in charge, having made a right old mess of everything, now want to relist. And they have until the 30/11 to comply with ASX requirements or they get delisted!

So now they're over $6million in debt, made no progress and the ASX requires them to raise $1.5 million in capital by the end of the month. Having ongoing discussions with Martin Place Securities about fund raising - that can't be going very well given they just had to borrow $1.8 million from their largest shareholder. It also appears that they've borrowed some funds from other existing shareholders, including the acting CEO who seems to be the only Australian left in the picture.

I imagine that if they can raise the $1.5 million, it will be at a premium price and I'm guessing the landbankers aren't that keen. We'll see how they like the idea of being an unlisted entity - one step closer to the govt taking their tenements back hopefully.

Time for them to be doing deals with other parties to work with them on their projects.