So you think its a good thing that the Noteholder has decided...

So you think its a good thing that the Noteholder has decided not to convert a $6.0M debt for 25% equity in the Project?
This is not good that Noteholder rather his $6.0M debt than 25% equity. (Given 25%/75% of market cap is $33.3M)..

The question I have is what impact this has on the cornerstone investor. Presumably the CI thinks their $10.8M will fund project process, not retire debt.

Hence why it is imperative that GMC disclose any conditions precedent to receiving these funds.