Global Metals Exploration (ASX:GXN) announced the completion of the Share Purchase Plan (SPP), raising A$353,000 before costs. Combined with the earlier concluded share issue worth A$192,000, Global Metals raised an aggregate A$545,000 before costs.
According to their new quarterly report the company had approximately A$75,000 in cash, but we expect this cash position to have decreased to A$500,000 as of now. On a positive note, administration costs decreased to A$57,000 from A$446,000 in the previous quarter. We hope the lower burn rate will be permanent, as a lot of shareholders were disgruntled about the high expenses for administration.
We hope the upcoming 10,000 air core drill program at the company’s Jutson Rocks project will deliver some promising results so the share price can move up again.
> Download Quarterly Report
> Download Share Purchase Plan
Disclosure: Global Metals Exploration NL is a sponsoring company. Please see our disclaimer for current positions.
