Ann: Gulf Company Update, page-148

Following the last capital raising, you posted this infamous prediction of 6-8c post resumption of suspension.

At the time of posting GMC was $0.042.

It actually opened at $0.012 - I remember because it was my exit price

Given the last CR was preceded a 6 month suspension, I'm surprised you don't appreciate how difficult it will be to raise funds this time round.

A. There is now a $1.0M convertible note liability

B. Potential investors will want to know where the last $12M went.

There is now a very real risk that if the capital raising does not raise at least $1.0M, because of the convertible note, GMC could find it's way into voluntary admininstration.