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Gold/Mining/Energy : GGL Diamonds,the diamond explorer that found nickle
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To: james flannigan who wrote (3)7/24/2007 9:08:22 AM
From: Mr. Oil  Read Replies (1) of 43
 
Hi James, I had a look at GGL and would like to ask for your comments on the amount of shares outstanding. As of April they had 116,000,000 shares outstanding. At the current trading price this gives them a market cap of $65 Million. This doesn't seem cheap for an early stage exploration company that has not drilled yet (the nickel property).

Apart from the obvious of making a major discovery, how do you see this as being good risk-reward here and do you think near term consolidation is likely given they need to raise more cash soon? I see more dilution pending at the very least.
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