looks like the company issued 68m shares (and options) to raise $500,000. the announcement of the placement, was made sometime ago, but needed shareholder approval - keeping that in mind
working capital deficit at start of year ..$800,000
estimated expenditure to march 31..........$500,000
capital raised from option conversion......$200.000
. . estimated working capital deficit at end of march $1.1m.
company just raised $500,000 - so working capital deficit is still about $600,000 - plus further expenditures, since incurred ... so probably still about $800,000 short.
approval for the issue of 125m shares at approx .8c, will raise about $1m - which will get things back to about zero funds - but still needing to raise funds for more exploration.
some time this year, the company will have about 1 billion shares on issue, plus about 500m or 600m options..
GDA Price at posting:
1.0¢ Sentiment: Sell Disclosure: Not Held
