I thought I had implied that, sorry, but you are of course right. To also put some figures against that theory - the SP was 0.6c when GMC "secured" US$10m from the CI last August. 600% increase by time of the TH in December. If he had bought US$200k of shares on market as well as giving GMC the US$200k deposit, and managed to sell before the TH (let's say 4c), he would have made A$1.5, even after losing his deposit. I'm on the phone as I do that calculation, so hopefully there's no errors with the exchange rates.
My understanding was that Tanah Capital were to receive a minimum 200m shares, whereas other participants would be scaled back if the CR was oversubscribed - so I imagine his departure would leave a $3m funding hole.
I have also heard outside of this forum that it was oversubscribed, but everybody is ultimately being fed by the same source, who doesn't have a great track record for honesty. They may be able to cover an extra $3m - and to be fair, Tanah could still fulfil their obligation - but the fact that this offer is open until August leads me to believe they're scratching for coin.
GMC Price at posting:
4.2¢ Sentiment: Hold Disclosure: Held
