skc
Goldmember
- Joined
- 12 August 2008
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The release of Appendix 3B was a big positive, and the timing was exquisite. Because later in the day the quarterly report showed that GCN had cash in bank of $1,752. That's it. $1,752. No more zeros after that.
The quarterly would have hammered the share price, but the 3B (which raised $700k) saved the day. You have to take your hat off to GCN's management... they have been able to access equity capital ongoingly for a company that no reasonable person should invest in.
It makes sense to question also, what reasonabe person would subscribe to 10m shares @ 7c when the market price is <5c, and there being plenty to buy on the ask. But as far as the company is concerned, this capital raising offers them another 3-6 months of operation so fundamentally it's a positive.
Cash receipts for the quarter was ~$55k and cash flow was negative $1m or so. But as the true believers would tell you... stop looking to the past. However, they may have said the same thing 3-6 months ago at which time this quarterly report was the future.
Technically, the stock has woken up a fair bit of late so well done to those who managed to profitably trade it. It hasn't broken 4.8c decidingly yet for me but if they put out a few more positive announcements they might get there.
The quarterly would have hammered the share price, but the 3B (which raised $700k) saved the day. You have to take your hat off to GCN's management... they have been able to access equity capital ongoingly for a company that no reasonable person should invest in.
It makes sense to question also, what reasonabe person would subscribe to 10m shares @ 7c when the market price is <5c, and there being plenty to buy on the ask. But as far as the company is concerned, this capital raising offers them another 3-6 months of operation so fundamentally it's a positive.
Cash receipts for the quarter was ~$55k and cash flow was negative $1m or so. But as the true believers would tell you... stop looking to the past. However, they may have said the same thing 3-6 months ago at which time this quarterly report was the future.
Technically, the stock has woken up a fair bit of late so well done to those who managed to profitably trade it. It hasn't broken 4.8c decidingly yet for me but if they put out a few more positive announcements they might get there.