RE: CIBC World Markets- estimates 43-101 Just to refresh peoples memories..GCU closed on Nov 3/11 a $15.0 million private placement(for their
2012 drill program,43-101,etc) . The company issued approx 1.797 mil shares @ 2.35 and 3.852 mil
Flow through shares at 2.80. After the issue the total outstanding shares on a Pro Forma basis
was 107,176,312 shares. CIBC World Markets was the lead Brokerage House.
Sprott Asset management ,LLP on behalf of its various funds participated in the Placement by
acquiring 401,800 common shares and 607,000 Flow through shares for a total additional investment
of Approx. $2.644 million
PineTree Resource Partnership and Sheldon Inwentash acquired Flow through shares of 426,000
and 178,500 respectively, for a combined investment of Approx 1.69 million.
On a Pro forma basis after giving effect to the share offering the above referenced insiders held
the following common shares outstanding:
Sprott Asset Management,LLP.Various Funds holds 12.64% or Approx. 13.55 million shares,
Pinetree Resource Partnership holds 12.61% or Approx. 13.515 million shares and Sheldon
Inwentash owns 2.77% or Approx. 2.97 million shares
Then in January we saw that both Sheldon and Pinetree exrcised their .35 cent warrants for
1.0 mil shares each, plus they have both aquired shares in the open market since the capital raise
I'm not sure if Sprott also had warrants to exercise this month, someone on this board may know.
In summary the two insider groups listed above now probably own approx. 30% of the stock for
a total market cap of approx $70 million based on today's price of Approx $2.20.
Today is the last day for exercise of the majority of the warrants expiring this month. Also the
hold period for the above referenced capital raise expires on March 4,2012.
GLTA Longs