I get the sense that this latest Cap Raise though modest at $2.5m is more about a sense of urgency in getting GML to between 800,000 - 1,000,000 oz of gold.
And I get that the sense of urgency is all about getting ready for a corporate transaction (maybe a merger). This sense of urgency shows through in GML stating they want to explore all over the tenement package in conjunction with more measured systematic drilling around the known shallow gold zones.
The pitch for a merger will be as follows:- GML has systematically built a one million oz gold resource much of which is shallow and will be an ideal partner to merge into to accelerate mining and production, particularly the known shallow deposits, which will yield early cashflow and allow the merged entity to self fund a much larger exploration program. This will help realise the dream and promise of GML in an accelerated way.
I reckon there is a handful of key shareholders who are frustrated with the tortoise like speed to get GML to a stage when mining can take place.
The next few company announcements will be fascinating.
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