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I was expecting 0.25p raise at end January, so it’s a credit to the pumping that they got it away in the 0.4s and managed to hold off until six weeks later. Well done GWMO holders.
If you get 30% dilution and the share price only slips 20%, this ironically means its actually 10% more expensive. This needs to drop under placing guys.
@loadsamoney Fair point at least this way GWMO is now funded for copper exploration ahead of start of exploration season start which is now 2 to 3 weeks away so I would hope we get JORC infill drilling and/or exploration holes AND results done THIS season.
I noticed additional funding also includes JV site commissioning which (my assumption) would be production ramp-up and testing where plant would be tuned whilst throughput is ramped up.
ATB APR
When is the permit decision due?
Last placing 0.055p this one 0.0435p so in grand scheme of things could of been a lot worse though still disappointing not to get permit first.
We now are able to get on with drill programme especially huntoon copper play and wont have the raise hanging over us after permit lands ndep gerrrrr, so could give us a good run from this base on permit news and future drilling results to come.
@lowpay That's my working assumption as well, but I was expecting a fundraise AFTER licence was approved and not before
ATB APR
I take it this also means no JV Partner for copper exploration until further analysis done.
In a way could work out slightly better for us. The more we prove up the better the terms we can negotiate.
Will the Permit turn up soon giving their mates a big bonus on their subscription!!
The whoe AIM market has been appaling for the last 2-3yrs, but I personally feel it's at an inflection point. I'm actually buying more, I don't think it's a good time to be selling AIMHO.
GL SR
I agree GG7 that’s why I sold at a loss this morning. This will go lower in coming days but doesn’t seem to matter how low you buy in always goes lower. Be very careful with this company could go either way.
It's all about 'mates rates' really though, and if they had waited until the permit was issued then 'mates rates' would not have been so attractive - it's all a game.
GL SR
Would it not have been prudent to have waited until the permit had been issued, that should give the share price a boost, raise then at a higher price thus getting the money for less dilution.
The permit cant be far away, we've been waiting best part of a year. How incompetent do you have to be to not be able to effectively produce a piece of paper in that time.
Okay outline details of use of proceeds details as per RNS ....
Great Western plans to use the net proceeds of the Subscription for the following purposes:
· Further work on the West Huntoon copper porphyry identified in 2023, including geophysics to identify best drill targets including under areas of surface cover.
· Follow-on exploration for precious metals at
>> (1) West Huntoon, where bonanza grade silver results have recently been announced
>> (2) the undrilled Rhyolite Dome prospect on the Olympic Gold Project and
>> (3) the M5 prospect where sampling last year indicated a large surface gold anomaly.
· Working capital for commissioning a 50%-owned processing mill, where construction is complete and start-up subject to final environmental consent. The mill will produce gold and silver concentrates from waste material available from the Company's historic mines in the area, initially through gravity separation and through chemical leaching in a second phase.
· Completing the purchase of the Olympic Gold Project.
· General corporate purposes.
RNS out £700k fundraise at 0.0435 over yesterday 0.0625 closing price or a 0.019 or a 30% discount. I would have liked to see a reasoned plan of what the funds are to be used for rather than a very large fundraise and nothing very specific.
Such large discounts sadly are fairly typical for junior resource stocks, but none-the-less very disappointing for us PIs invested here; the only saving grace is no warrants issued as part of the subscription.
ATB APR
Gg7 - But it does provide the opportunity to aquire more at the reduced price - just trying to look on the bright side m8 ;-)
GL SR
I have no problem with the company raising money, its the nature of the small cap exploration game.
What i do have a massive problem with is the shocking level at which this raise has been conducted at.
No matter what level the raise is the market adjusts to that price so why not raise at a very minor discount thus issuing fewer shares to get the money required meaning less pain for shareholders.
i'm sorry to say it would seem the company couldn't careless for the shareholders, we are the regular victims of the company's use of shyster brokers. I thought Brian Hall was better than this.
If I keep listen to abuser here I be bankrupt what did I say all long still no license, still no money and now they need even more and they haven’t even started
All abuse I get look at this was I right again and guess what it’s April soon
Off the top of my head isn't that around half the price GWMO raised at this time last year
Another AIM heavy discount placing
Why do we bother
Yes but we still need our licence, can't believe it is taking so long.
Surely it must be time to start mentioning legal action.
Pog 2178
chisler
Would be good to get the permit and prove some return…and then do all the calculations again…
Patience…surely has to win out here!
@Chisler Good point, BUT the REALLY important point is what their marginal cost to produce each ounce of gold/silver via JV process plant was before versus now. For example if each ounce produced made $400 profit then a $200 improvement in sales price of each ounce sold is actually a 50% increase in profitability ... so marginal producer with high costs benefit most on a % basis
ATB APR
12th Nov 2023 pog was $1940.
Its now $2140,
Thats $200 more.
i reckon those tailings have gone up more than $ 1,000,000 ,
chisler