This could be why the Vol John Komarnicki's struggling Kazakhstani gold miner, Alhambra Resources Ltd. (ALH), remained unchanged at 13 cents on 23,000 shares. The company says it is proceeding with a $5-million financing, which it arranged with Global Resources Investment Trust in September. Global Resources has arranged similar share-exchange deals with dozens of TSX-V-listed juniors, but none can close until the trust obtains a listing on the London Stock Exchange. There is a rumour the listing is near, possibly within the next two weeks. At that point, Alhambra would receive 2.76 million Global Resources shares, which it hopes it can sell in the market for $5-million. Alhambra's financing is a little different from the others. Instead of stock, it will issue Global Resources a $5-million promissory note. Before issuing new shares, Alhambra must obtain approval from the government of Kazakhstan, which has a preemptive right to participate in any company financing. Unfortunately, it has not been quick to make a decision. In April, 2011, Alhambra first applied to issued stock, priced between 60 cents and $2. It took the government until September, 2012, 17 months later, to approve the financing and say it would not participate. During the 17-month wait, Alhambra's stock fell below 20 cents. The company needed to reapply to raise money at a lower price. It reapplied in September, 2012, and received approval in January, 2013, but before it could close a financing its stock dropped again. Alhambra hopes to use some of the money from Global Resources to expand gold production at its Uzboy mine in Kazakhstan. There, it has been producing about 500 ounces of gold a quarter.