I am a long term holder Ted Baxter - who participated in at least two early capital raises.
Eg
https://www.argonaut.com/congratulations-gascoyne-resources-on-your-capital-raising/I remember because I had never been involved in a cap raise before!
My average price was nothing like $10 a share?
View attachment 6951729And I don’t recall the company as ever trading whilst insolvent!
I do remember - from the start - there were hedging arrangements and I think the company was required to go hard at the Gilbert’s Pit open cut mine to start selling gold so as to pay for the runway. and everything else.
…. And that the salvation of the company was putting it into administration - almost immediately after another capital raise - so that ‘all bets were off’ as far as the hedging was concerned.
Mike Dunbar went into the project as CEO with genuine belief that Gascoyne was going to live up to expectations but - as Simon has explained a number of times - the open pit mining - to which the company was then committed so as to feed the mill (and pay for that expensive too!) - was the wrong approach!
Regardless of our different recollections, congratulations on still holding.
cheers
(20min delay)