Ann: Centenary Drilling Results , page-6

matchbox

it is easy for people to overlook past reports. however in an exploration update, on 20 oct 2009, the company (ie gda) offered the promise of drilling (at corruna downs) in mid 2010.

in april this year, the company announced a planned capital raising of $2m ( which is the absolute minimum expenditure of a company, with a bit of an exploration program, - for a public company for a year) .. the issue failed - but in the meantime the company has raised $1m with the issue of shares at .75c (with a free option - exercisableththere at 1c)

there is a disconnect between the $2m which was sought, and the $1m which was raised. the company has been reasonably active (a good point)- but obviously it is on borrowed funds, the company has a track record of "existing" on borrowed funds.

the company should immediately try a rights issue at .75c (with a free option). a 3 for 4 issue, might succeed.

for people to call this 10c, or 7c - is a joke. basically, this is a new issue (new company) looking for new investors - where the new company has put together a few leases - and in return, is offering a few peanuts.

at 10c, the market would be valuing the company at $50m ..and that is forgetting the shares, that will have to be raised to get a few dollars .

gda is a gambling stock . past history shows that it was a bad punt. at least the company has survived, so that holders can claim a tax loss