capital raising, page-45

The AUS Gold price now approximately $1490 and after hitting $1535 an ounce yesterday. The heads of UML must be really proud of their combined efforts in looking after shareholders and adding value to shareholders wealth. What does it mean when they say we are looking to create value for our shareholders?

What the absolute pits this share price has been, it’s absurd!!! Leading to total despair at the least!! I thought since nearly a year ago, this would have turned around, history says it all. Total Bollocks!!! I didn't support recent capital rising nor received a call to buy more. I not attend the last AGM nor bothered with any of their proposals, all a waste of time, in my opinion. I had pumped enough of my hard earned money to pay their wages for one for a year or for three years depends on what level.

What return on investment we shareholders received, sorry Sir we would need more of your money please!! In return of your grateful generosity we will give a nice return in form of a dilution with your fellow shareholders. You can get lowest price cause there now more shares to go around.

I was silly enough to buy more stock around the time the slope failure occurred, yes and we only get told some four months later, another whack, along with many other whacks! Surely if such as event occurred this warrants an early explanation, as did impact production rates and increased cost of production, go figure!! This is fine for a private company, but we are not a private company. How can this be stressed any more clearly than that.

I totally don't understand the logic for decisions being made by this lot. I like a job there to sort this mess out, before we reach the final abyss. I really feel this company is being run like a private firm, they have their conformable jobs and getting paid, all is happy. Well no, it doesn't work like that, it’s a public company it’s owned by shareholders whom have invested interests in how the company is to be run and seems shareholders don't really get a say.

When Lion Gold bought in it would have been the best opportunity in hindsight to get out, when share price went to mid-9 cents. Then pump your money into say OGC at $1.15 now sitting at nearly $3 in less than a year. Now that’s an investment!!!

Why do a capital raising at 2.7 cents, they should done this one at 10c to 16c range, less dilution, no regard to shareholders interests, apart from their own. Let’s NOT see a consolidation happen!! What management should do now since raised their money? Take a further 35% pay reduction at the board level in addition to their 15% last year. Or they should do a share buyback by giving up 35% of their income for a share buyback. You look at the history of any stock, correct me if I am wrong, but very few really have share price strengths when shares have been diluted.

Another thought is all the gold holdings held for rehab which totals about $11M, this should be sold off once AUD gold price spikes and when AUD $ drops and be used for a share buyback of 400 million shares. This would be a bold decision but the results to shareholders would be what creates shareholder share price value. Less shares on offer of 500m is lot better than what when will end up with shortly. Then later when new mine are up and running set aside the reserve for the mining rehab again, still plenty of time for that. Better returns and dividends to shareholders. Definitely no share consolidations, thanks!

What's the point for shareholders if we are 100k gold producer with a share price of 2.8 cents? What value does this add to shareholders? Expenses need to be reined in and bold decisions need to be brought forward and accelerated to slash any ruthless overheads and over burdening costs with production. Gold producers were making money when gold prices where $500 an ounce, seems to be a parallel line where if gold price is high the gold produce cost follows. If gold prices were at $2200 an ounce, cost of production shouldn't at $1900 an ounce.

Finally, Moly mines (MOL) report regarding royalty payments by UML, how did this become about? When UML took over Cortona Resources Limited (CRC) was this royalty payment brought to the table and made clear to shareholders what was required by the deal? I don't recall this payment being mentioned? I'd be annoyed with myself if I missed this explanation.

Anyway enough said, let’s hope bold decisions are made fast in view of only of the shareholders for rewards and returns, and to get out of this share price abyss. Also, let’s hope the company has approvals to do finance with the CBA, You Can bank, sooner than later!!!

Please do your own research, and good luck to all.