Remember in Nov09 the "BINDING TERM SHEET" signed by the Singapore insto Resource Kings to pay GBZ $2.65m for the phosphate project 8.5m shares @ 31c. GBZ announced Phosphate JV SECURES $2.6m in funding. The placement was to be in two tranches $1.335m in Dec09 and $1.3m in Jan10. Then as the share price slowly dropped from its peak of 31c there were no announcements in Dec. or Jan. until in April10 when the deal was announced as cancelled and NO FUNDS were raised. When they did raise money next was in Aug10 at just 10c. GBZ had to issue 5m shares at 10c. Committments mean Nothing, only when and if the cash is received is the deal done. if the sophs are so committed why haven't they paid up ? No other company does a straight placement on a deferred basis.
GBZ Price at posting:
12.5¢ Sentiment: None Disclosure: Held
