Ask the many lucky holders of Giralia Resources if there was...

Ask the many lucky holders of Giralia Resources if there was never revenues, and they were just diluted into the ground. What relevance to ZNC I can hear you asking.... Spend more than 5 minutes researching the cash balance and copy/pasting some tech analysis and have a look at the company and the people involved and you should be able to inform yourself.

This is one of if not the least diluted on the ASX over the years, and it's tightly held with senior management holding a large chunk of it's market cap. If anybody would be concerned about devaluation of shareholdings through dilution it is them.