Yes less than $3 mill in the coffers. Enough to get through to first quarter/half of 2014 by different recent releases from the company. I'm expecting a cap raising in the next 4-8 months and I'm betting the price will be higher than it is now. There's not much selling pressure so it should be relatively easy for the company's brokers to spend a bit of commission pushing it up. Doesn't mean it will hold any cap level but I intend to play the opportunity that will come.
There won't be any problems over the resolutions. Bloking is making smart business decisions and the Tillbrook camp appears to have gone quiet which suggests they are comfortable with where things are going.
Why would Bloking take on something like this? Because the odds favour getting a return for shareholders from the point that he has joined. Stop thinking in terms of sand mining, that's just one of a range of possibilities to capitalise on an oversold/undervalued asset.
As I've said before I think it's almost irrelevant that he doesn't come from a sand mining background. You need sand mining skills to run a sand mining operation. If you haven't got those skills, you can buy them if and when you need them - Andrew Mackenzie's never worked in mines so how can he run BHP?? The skills needed at the moment for GUN aren't about what it takes to mine sand. They are about assessing a marketplace, doing deals, having extensive business contacts and managing a company - Bloking has those.
He's a sound bet. Not a guaranteed bet though. This is all still speculative.
GUN Price at posting:
2.3¢ Sentiment: Buy Disclosure: Held
