Not looking good for GMC, page-136

@giuseppe11,

You realise mr.Wiseman sold GMC at $0.022, a casual 46% odd higher than the current price.

I would call that genius, unless you are simply jealous.

MrW was a trader and saw an opportunity and boy did he profit.
But he has realised that the reward is no longer worth the risk

GMS state "Bapak Viktor Bungtilu Laiskodat made a statement in an interview that he was calling a moratorium on all mining
activities in the province"

There is no other interpretation of the above, except that all mining operations are now banned.

Without the reversal of the ban, GMC has no core business and it has the looming convertible note debt that becomes due 12 October 2018 if the conditions precedent are not satisfied.

Note some of the conditions precedent are:
Indonesian Ministry of Energy and Mineral Resources approval of the Project Investment
Indonesian Investment Coordinating Board (Badan Koordinasi Penanaman Modal or BKPM) approval of the Project Investment
approval or acknowledgement from the Indonesian Minister of Law and Human Rights of the Project Investment;
non-occurrence of any developments having or likely to lead to a material adverse effect on PT Gulf;

Not sure how these CPs will be satisfied with the moratorium in place...