Referring to the last qtr report in September I note the following.
1) Cash $5.8m-stated to be ïn a very strong cash position"
2)Stated that "expenditure forecast for the next qtr predominately related to Glenaras project and evaluation of new opportunities". "At date of report limited expenditure is anticipated elsewhere in the portfolio".
The sum allocated in the forecast was $397k for exploration and evaluation.
So clearly holding sufficient funds for current ops therefore one draws the conclusion that something of a material matter has occurred resulting in the current capital raise.
Just my thoughts based on facts as disclosed by GLL. Maybe overly optimistic but we all looking for good news where possible.
GLL Price at posting:
17.0¢ Sentiment: Buy Disclosure: Held
