As an exholder of GOA (couple of years since I've owned) I was...

As an exholder of GOA (couple of years since I've owned) I was familiar with their continually increasing shares on issue (and that they hadn't yet consolidated to bring the number down), so thought it would make an interesting post to chart the shares on issue:

Following the IPO, the first quarterly (Q4, 2002) showed the number of shares on issue as 20,590,454 and following a recent 2:3 rights issue this number now stands 182 times higher at 3,745,558,220. To put this in perspective if you'd owned a stake of 1,000,000 shares in the company in late 2002, you owned 4.85% of the company, if you hadn't bought any since and simply held this parcel over the 10 years you would own 0.0267% of the company today. You would have paid 25c each for your shares ($250,000 total) and today they are trading at less than a cent (closed Friday at .004, though have traded lower) and your 1,000,000 shares are now worth $4,000. ARTICLE CONTINUES

They are not the only junior explorer with the same issues, many companies over the difficult past few years have seen their shares on issue rise astronimically.

A company can have some great assets with lodes (pun intended) of potential (I believe GOA does), but still fail on the finance/capital structure to destroy the value of these assets for shareholders.