GMC 0.00% 0.6¢ gulf manganese corporation limited

There were conditions to receive the funds that form the...

  1. 2,345 Posts.
    lightbulb Created with Sketch. 539
    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.
    Last edited by tt2000: 05/08/18
 
watchlist Created with Sketch. Add GMC (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.