Global Metals Exploration (ASX:GXN) has released its quarterly activities report for the first quarter of this year. As mentioned before, the company has completed approximately 1,600 meters of the promised 10,000 meter drill program at the Jutson Rocks project in Australia. This air core drill program will be the base to define targets to drill-test with Reverse Circulation drilling.
The company also closed the acquisition of the Leonora Project by issuing almost 86 million shares of Global Metals and 40 million options.
Global Metals Exploration has scheduled a general meeting on May 17th, where shareholders will have to give approval to issue a convertible note for a value of up to A$800,000, maturing next year with a 4% coupon attached.
On May 22nd, the company has scheduled an extraordinary general meeting to vote on the new S249D notice. Dissident shareholders holding in excess of 5% of the common shares in Global Metals Exploration have asked the company to call a meeting to appoint two of their nominees as directors, and to remove Lia Darby and Ashley Hood from the board of directors.
Global Metals has also announced a non-renounceable rights issue, to raise A$975,000 before expenses. Every shareholder with a registered address in Australia and New Zealand will be allowed to buy one new share at A$0.002 for every two shares held. Every new share will have half an option attached with a strike price of A$0.003 exercisable on or before December 31st 2016.
> Click here for the quarterly report
> Click here for the rights issue announcement
Disclosure: The author holds a long position in Global Metals Exploration. Global Metals is a sponsoring company. Please see our disclaimer for current positions.
