Tanah Capital were to invest A$3m and BB Lee $500k. It's a big hole to fill.
Hopefully GMC still pull this off, they don't have a great track record with securing CI's. I wasn't around at the time, but GMC also announced securing US$20m in 2015 from a South African investment group, which never eventuated.
I do know of some SI's who are quite bullish about GMC and took part in the CR, but I highly doubt any of them would be willing to punt $3m on this project, given it's 2-year history of false starts.
I didn't see any mention about whether or not GMC still expect to resume trading tomorrow. For the time being, Tanah Capital is in the same boat as the rest of us, with their profits in suspension. It's frustrating how this sort of back room dealing happens all the time, but credit where it's due - if Tanah hadn't pumped in that money, GMC would likely be trading insolvent by now, if not in administration.
GMC Price at posting:
4.2¢ Sentiment: Hold Disclosure: Held
