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Gold/Mining/Energy : Greenstone (GRERF)
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To: Mike Roberts who wrote (75)8/19/1998 3:23:00 AM
From: Garth Richmond   of 138
 
I must admit, I am not thrilled about this financing. GRE said they had enough cash (and I believe this to be true) so why dilute the stock by 10% plus??? Especially at today's pathetic prices?

I have to assume that GRE figured there might be cash problems down the road, but they didn't want to say "we may need the cash", fearing that in this market, it would be received as "we are insolvent - chapter 11 imminent!". I can understand it, but I would prefer they just spell it out clearly. They make it sound like they are only doing this financing in response to false rumours, just to pacify the "nervous-nelly" shareholders!

As a shareholder of the less nervous variety, I believe GRE is severely undervalued at $2.50 Cdn. and I strongly oppose dilution at this ridiculous price! GRE's management should have done the same.

Garth.
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