institutional placement, page-21

wotzon,

You are spot on. This was my HUGE gripe as I stated in an earlier post.

............."I was under the impression that they postponed the HK listing due to the fact that the gobal markets were in turmoil at the time, which resulted in our low SP.

Therefore raising funds at a low SP would be negative for shareholders hence they cancelled it. But now I hear they may be raising funds at $1.10 instead of 1.30 or 1.40 and that is disappointing.

It is now obvious that they did not continue with the HK listing in HK because interest from potential investors was not there (Yet), as opposed to Galaxy (our company) trying to protect shareholder value by not listing at a discounted SP.

We should wait to hear them out but it is annoying. I would think the large investors that bought shares recently in the sophisticated placement at 1.39 and 1.54 would be upset."