"The latest purchaser"?
No one has purchased 20% equity.
Pak Marthen agreed to purchase 10% but didn't
The Noteholder can convert $6M debt for 25% equity, but has yet to do so
And now Bapak TK Low has signed a term sheet for 20% equity (at an effective price of $0.01 including the options). But this has yet to eventuate and do you really think he will when there is a moratorium on mining?
As it stands none of the above actually have any equity in GMC
A term sheet is very different to financial close as I am sure we will see again as the story here seems to be rinsed and repeated?
Isn't anyone else feeling a sense of deja vu here?
Construction of Manganese Smelter Affected by Mine Moratorium, page-57
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