An sduncan post stated: "... demonstrates to me that management are not capable of seeing the opportunities which exist right in front of them".
As a holder of heads and options since float, and a close follower of progress, I couldn't agree more.
The reason is probably due to working for the last 13 months (since administration) for free.
Neverthess, and however unfairly, this track record must cause questions as to their ability to uplift an ingot from the footpath and get it to the bank by taxi.
Of course they should find a way to mitigate the anger of the GBMO holders, but I doubt they will, or can. Even with the will to do so, I doubt they would be able to put in the time effort and cost. Surely the existing team is stretched just doing the basics.
Even more importantly, how is the current float going? Why have we heard nothing? As usual - shit communication.
By comparison, I saw a new prospectus by a WA explorer seeking $ 6 mill on a 75% dilution. The company has tenements, some promising low grade intersections and a little bit of cash left. nothing else ... oh except management appear to have no black marks. Yet it's reported as being fully subscribed from one week of pre-marketing at a $14 mill market cap.
By comparison, GBM, recently in production, is silently seeking $ 2 million from a 200% dilution at a $3 mill cap.!!! How does this stack up?
GBM Directors: 1. recruit a GM with no black marks. 2. do the right thing by GBMO, or if not, explain why not. 3. honour previous statements as to regular communications.
Do this, and by any mathematics you should be capped at around to 50 mill (0.15 fully diluted with 300 million shares).
GBM Price at posting:
3.7¢ Sentiment: Buy Disclosure: Held
