GREY:GLKIF - Post by User
Comment by
BueBoyon Oct 18, 2016 6:31am
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Post# 25354578
RE:It's time...
RE:It's time...Great initial post by Floridas2000 which sums things up well. They are many pitfalls with a junior but the foundations are there.
I have been invested here for a couple of years adding when I can. I have not posted before but Floridas post has prompted me to add my 2 cents.
On the financing deal, this is a good move as it provides funds as required and should also remove the necessity to issue warrants every time funds are raised. Canadian juniors don't seem to be able to raise funds on a PP without issuing paper as an incentive. Being cynical it could be argued to be in the interests of the financers to sell stock (at 7.5c??) and depress the price prior to a financing.
The Rich Lane factor has not been taken into account by the markets IMO. There was a massive gap at board level for someone with the experience to take a junior on to the next step and Rich fills that gap. Great move by the board.
On the matter of OGL, they have ther own problems. The management have shown by their actions to be poor and they have pressing lawsuits against them for debts as well as issues with the Ministry of Mines and pending actions against them for massive environmental pollution as well as the theft Floridas mentioned. They are on their bones and the propect of production by fall of 2017 as they say on their site is virtually nil. They have no chance of a public listing to raise funds due to their ongoing legal and financial problems and are reliant on the funds of at least one and maybe more investors who seem so far prepared to throw money at this without actually getting anywhere. DYOR but if their resource is as good as they say (I am no geologist) then they could be a good partner for GLK down the line. It is down to their backers to realise where they are for a reputed $50m investment and where GLK is and do a deal.
One final point I would add to those listed by Floridas is that GLK needs to get off the Venture and have a main listing. The Venture is a bloodbath and perhaps rightly many serious long term investors will only jump aboard once GLK is on an exchange that is better policed. IMO.