Ann: Capital Raising Update, page-21

didn't even need to read it.

If GMC does in fact go into administration, the most disappointing and frustrating thing will be that management has refused to give the shareholders the opportunity to opt out. Many would have bought in on the promise of the CI being binding and the fact the management has denied the opportunity to shareholders to reconsider their holdings once the CI was terminated is appalling and completely unconscionable. I can't disagree that perhaps the writing was on the wall once the dates were missed. Hindsight is a wonderful thing. Since then, it has felt like we have been lied to all along and that CI Pak was all a ploy to dupe authorities into granting mining permits and to trigger and catch another would be CI.

There is no good reason why we couldn't have been trading back in Jan, Feb or Mar while they sort this out. For the amount of time that we have been in suspensions points to two scenarios for me, either we can't raise even the slightest bit of interest for a modest CR or we are hunting for much bigger fish that will see the majority of Pak's $10M raised. At this point in time, I don't know which scenario to back.

I will be contacting the company this week, I encourage all others to do so, keep on their back and let them know this is not acceptable and to take it out of suspension.