GCS seeks to raise $4.7M

GCS says it has already completed a $2.76 million raising through the placement of 6.9 million shares at 40c per share, and has commitments to raise a further $1.9 million through the placement of a further 4.75 million shares at the same price. This second issue is subject to the approval of GCS shareholders at a general meeting to be held next month. GCS managing director Enzo Gullotti said the company was pleased with the investor response to the capital raising, particularly in light of the current difficulties in financial markets.

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