Gediminas Jasionis
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Global Green Matrix Corp (CVE:GGX) (PINK:GGXCF) Is Up For More Funding

by Gediminas Jasionis Nov 15, 2011
ggx_chart.pngGlobal Green Matrix Corp (CVE:GGX) (PINK:GGXCF) said they will be raising capital soon to proceed with their business ventures, but the market didn't show much interest.

GGX stock price didn't show any specific reaction to the company's latest press release and retained a conservatively low liquidity.

On November 11, Global Green announced a private placement for proceeds of up to $1.25 million. The placement consisting of 25 million common shares will be private and executed without the assistance of a stock broker. The newly issued shares are subject to a four months hold period, as well as to approval from the TSX Venture Exchange. The company still doesn't have a bidder for the offered shares.

Global Green needs the money to proceed with an ongoing research related to the eco-friendly technologies for municipal solid waste. On top of that, the company has expressed interest to pursue opportunities in the oilfield waste disposal field, which might also require a slice of newly acquired capital.

Stock price merely twitched upon the announcement. The suggested per share price of 5 cents is half of the current market value, so there is no tension for the stock price to go higher to safeguard against manipulation.

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