What a Joke, page-2

Appreciate the “kind offer” from HQ for trying to save the long suffering ignorant small share holders.

From the 2015 AGM correspondence:

• Issue of securities to Simulus Group Pty Limited (up to 5,000,000 fully paid ordinary shares @$0.07)
• Issue of securities to Service Providers and others (up to 10,000,000 fully paid ordinary shares at Volume Weighted Average market price)
• Issue of securities to HQ Mining Resources Holding Pty Limited (no more than 9,465,887 Shares @$0.07)
• Issue of securities to HQ Mining Resources Holding Pty Ltd upon conversion of a loan (2,142,857 fully paid ordinary shares @$0.07)
• Issue of securities to Mr Ian Buchhorn upon conversion of a loan (2,142,857 fully paid ordinary shares @$0.07)
• Issue of securities to Mr Neil Fearis in lieu of Director’s fees (up to 357,143 fully paid ordinary shares @$0.07)
• Issue of securities to Mr Mark Sykes, in lieu of Director’s fees (up to 357,143 fully paid ordinary shares @$0.07)
• Issue of securities to Mr Ian Buchhorn, in lieu of Director’s fees (up to 357,143 fully paid ordinary shares @$0.07)
• Issue of securities to Mr Ken Hellsten (543,734 fully paid ordinary shares @$0.07)

From the Bidder’s Statement:

• Options hold by director Ms. Jingmin Qian is 250,000 with exercise price of $0.14 expire on 28-NOV-2017
• Options hold by director Mr. Ian Buchhorn is 250,000 with exercise price of $0.14 expire on 28-NOV-2017
• Offer close date: 7:00pm (Sydney time) on [#] 2016 (i.e. no close date yet?)

Can anyone suggest any good reason WHY all the “insiders” are willing to take shares (or options) @$0.07 (or $0.14 for options) instead of cash?

If the GCR Board can forget about the infighting and focus on mining the resource rather than mining the share holders, I am sure there is enough profit to be shared by everyone.