MC - $1.7m
SP - 0.9c
Shares - 185m
Options - 4.5m
Cash - $430k
According to their latest quarterly, GBX do.... not much.
Oh hang on, wait! They found some paperwork. Enjoy.
Slovak Uranium Projects:
Historic Drilling Program
GB Energy has uncovered a 1960s drilling program in the vicinity of the Kluknava and Vitaz-II licence areas and will defer exploration work until the data can be analysed.
During the 1960s and 1970s, Slovak Socialist Republic state-owned enterprise Uránový Prieskum explored for uranium in the region, identifying numerous radiometric anomalies.
Following a recent, extensive review of soviet-era archival material, GB Energy has uncovered a 1960s drilling program.
Preliminary analysis of the 1960s drilling program suggests that at least 11 holes of 140m+ depth were drilled within the Kluknava licence area during the period 1962 to 1964.
This material needs to be translated, accurately geo-located and interpreted with modern techniques.
Given the potential for data that was generated from this activity to provide new information relevant to the Kluknava and Vitaz-II license areas, and the potential for the discovery of further relevant archival material, GB Energy will defer any new exploration work on the Slovak licences until the data can be fully analysed.
In March 2012, the company advised the market of its intention to raise approximately $760,000 by way of a non renounceable rights issue to shareholders at a ratio of 2 for 5 GB Energy shares and priced at 1 cent.
It is still the company’s intention to proceed with the capital raising and it will make its decision subject to market conditions.
During the quarter, GB Energy continued to evaluate project opportunities in Australia and abroad. To date, no projects have satisfied the prospectivity and financial criteria.