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0.6¢ gulf manganese corporation limited

GMC's Previous Capital Raisings, page-2

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joemas

294 Posts.

21/02/17

16:04

Post #: 22784870
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Originally posted by tt2000 ↑

Dec 2015
Planned to raise $1.125M (75m shares at 1.5c) to be used as follows:
$0.5M to list on the catalyst board of the SGX - this never happened
$50k to cover fees
$0.5M to make payment to its contractors and suppliers

March 2016
Planned to raise another $1.8M (918m shares at 0.2c) to be used as follows
$0.4M for development of the facility
$0.2M for initial payments for smelter
$0.95M on working capital
$0.26M for expenses relating to the offer

What did we learn from this?

1. The March 2016 capital raise (only 3 months after the December CR) was conducted at a 87% reduction to the December CR.

2. GMC were unsuccessful in listing on the SGX - who knows what that $0.5M ended up being used for.

3. Since December 2015, GMC had successfully raised $3.0M from shareholders. Of this $3.0M, only $0.6M was intended to be used on development of the facility / initial payments for the smelter.
This means that the remaining $2.4M or 80% of the proceeds were used for "working capital" payments to contractors and suppliers.

And there are people on here that think a CR is a good thing?

What exactly have management achieved with the $3.0M so far?
It actually wouldn't surprise me if the Toad was concerned by what management may do (or fail to do) with his $10.0M USD.

Maybe he would be happy to proceed with a different management team, that is able to actually deliver something?

Point 11 to my previous post - What were the reasons given by Pak for refusing to go through with his binding investment. Specifically, did he indicate at all that he would be happy to proceed with a different management team?

Expand

What were the 'substantially' different terms? You could be on the money he wanted to replace some of the management team.

I found it particularly unusual that GMC reverted back to the initial deal which was long dead. If the terms were so bad why did it take 19 days to evaluate them or not offer up a deal which would meet Pak half way!

GMC Price at posting: 4.2¢ Sentiment: None Disclosure: Not Held
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GMC's Previous Capital Raisings, page-2

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