I have had a read over the general meeting resolutions, trying to work it all out. So if everything gets approved, there will be 1,565,485,759 shares on issue.
Currently there are about a third of that 560,285,758 shares issued. So that explains why the share price has come down so much recently to .005 due to the massive potential dilution.
GXN must believe strongly in the graphite aquisition to dilute so much. Seems like they have shifted focus from Jutson Rocks to graphite. SYR haven't released any information on Nachingwea, although they say it is similar to Balama. The reported strike length at SYR's Nachinwea is 2.8 km, with a width of 1 km, visual grades of up to 60% and an average carbon grade of 14.5%.
I have mixed feelings about this - existing holders have got a huge loss and at the end of it GXN will have under $2 million cash. Having said that, they would need to deliver good results from that project in the short term.
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