There were conditions to receive the funds that form the Convertible Notes (Condition set A); and then
Conditions that needed to be satisfied, Such that the Convertible Notes convert into 25% equity in the project (Condition set B).
Conditions set A are satisfied - this is why GMC received the funds.
Conditions set B are NOT satisfied - this is why GMC still have the convertible notes listed as debt in the quarterly report.
Only upon satiafaction on Condition set B (if GMC are able to by 31st Aug), then the notes convert to 25% equity.
If these conditions are not satisfied by 31st Aug, then GMC owe $9M or lose the two smelters....
Read announcement on 31st May 2018 again and quarterly on 31st July 2018 which clearly references the outstanding debt that GMC owes.
