Had a chat with Michael Wolley yesterday, IPO has been pulled due to soft IPO market and generally soft market conditions. Applications will be returned asap.
New Strategy....
GDI is turning to an alternate source of funding, for which there is said to be strong interest. Management have resolved to focus on building their resource position via database and drilling with the aim of 500,000 Oz. Also conversion of resources to reserves with a view to mining the shallow highgrade resources in the near term.
Mine planning is advanced and nearby gold mills are running under capacity.
With the majority of recent floats well under water, IMO GDI has made the right call. Return to fight another day, if all goes to plan we should see them relist with production and cashflow.
Will need to keep an eye on their website to follow developments.
GDI Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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