I thought GMC was fully funded with all those loans they...

I thought GMC was fully funded with all those loans they supposedly have available to them...

"Gulf Manganese Corporation Limited (ASX: GMC) (“Gulf” or “the Company) is pleased to announce that it has agreed to place 100,000,000 GMC shares at an issue price of 1.26c to Acuity Capital for a total raise of $1,260,000 (net of costs)."

I hope for shareholders sake this raising isnt to pay interest costs on the debt that GMC now owe.

Suddenly that August 31 deadline is not that far away. And to date the covertilble note conditions remain unsatisfied.