For those of you thinking the CR will be good read this Gulf raised circa $1 million via the placement of 70 million shares at 1.5c per share, with an attaching 2 new shares issued for 1 listed option (GMCO). The issue of the attaching listed options will be subject to shareholders approval. Triple C Consulting acted as the lead manager for the placement which was heavily oversubscribed.
Following the recent securing of a potential cornerstone investor (see ASX release 5 August 2016), the Company has received significant interest from a number of strategic investors. As a result, Gulf has taken this opportunity to secure additional funding in order to provide the requisite financial flexibility prior to the receipt of final site approvals.
The best GMC could raise at, whilst we had the cornerstone investor was shares issued at $0.015 with an attaching 2 new shares issued for 1 listed option at $0.005 - i.e. an effective price of $0.0012.
Given that the agreement with Pak has now been terminated, you would have to think that the terms of this CR would be less favorable to the previous one.
The only thing that can save us is the terms of Pak's counter offer, which management should have to disclose to us immediately.
GMC Price at posting:
4.2¢ Sentiment: None Disclosure: Held
