Ann: Gulf Capital Raising Update, page-12

The scary thing here is this sentence:
"The Company requests that the voluntary suspension remain in place until the alternative funding has been finalised and secured"

This means there is no guarantee that the SI will actually agree to anything.


With GMC's cash balance of $680k as at 31 December 2016, a projected cash burn of $750k for the quarter, we must now start preparing for the scenario that GMC will run out of cash and we will walk away with close to zilch.... - this for now is my worst case scenario, but will become the likely scenario if there is another "delay" next week.
Really begs the question as to why those appointments were made.

Likely scenario for me, is the SI is trying to negotiate more favourable terms for them - i.e. an effective placement at something less than $0.0112

Best case is placement at between $0.0112 and $0.015