Ann: Extension of Convertible Note Conversion Date, page-3

"
Gulf advises that it has not been able to complete all the conditions precedent for conversion under the Convertible Note Agreement with PT JGI by the Conversion Date. PT JGI has played an invaluable role as Gulf’s Indonesian partner in helping PT GMG to achieve its recent milestones and Gulf is currently in discussions with PT JGI with regards to an extension of the Conversion Date."

I was trying to point out before the significance of this:

1. Another deadline that GMC has failed to make
2. As of now (unless GMC can come to some agreement with PT JGI), GMC owe $8.0M and stand to lose the $7.0M standby facility. GMC do not have enough cash to pay this back (based on quarterly report ending 30 June 2018).
3. If they fail to successfully agree an extension, $8.0M of the $10.8M (propsed placement - only available IF GMC successfully reach completion with this) will be used to pay off this Note, leaving only $2.8M to advance the project.
4. If this Project was going to creat so much value, why would PT JGI rather receive $6.0M than 25% equity in the Project. (24.0M for 100%). Surely if this project was so viable they should be jumping to get 25% 'only' $6.0M.

Interesting few weeks ahead now