AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

Glass Earth Gold to consolidate shares on issue

By Simon Hartley
Created 23/10/13

Listed gold explorer Glass Earth Gold has gained shareholder approval to consolidate the number of shares on issue, with 10 old shares to be reissued as one new share.
Glass Earth has exited its long-standing Otago exploration programmes, having spent the bulk of $40 million around the province, selling its alluvial gold operations recently for about $1.75 million to local interests to refocus on targets in the central North Island.
While having successfully recapitalised several times during the past eight years, that came at the cost of share dilution. During the past year, Glass Earth shares had traded from a 42c-high last November, to 2c or less since September.
The consolidation is still subject to approval from the Toronto stock exchange's venture exchange.
Glass Earth will resume exploration of the WKP project near Waihi, in a joint venture with Newmont Mining, while exploration activities at its Neavesville (Coromandel) project are delayed as negotiations with local iwi over access continue. simon.hartley@odt.co.nz

Over 200,000 shares sold on the TSX overnight at C1c. This values the company at just C$1mill. We know they're running low on funds, so it's little wonder the market doesn't think much of GEL in the meantime. They are going to have to endure some pain for a while.

I can't help but compare this share with XRO. They're still losing money too. The difference is the possibility of a big buyout for XRO, long before they need to get into profit. Maybe they're a lot more organised also.