Below is the announcement, which I think you should re-read. GMC...

Below is the announcement, which I think you should re-read.

GMC have given up 25% of the project for $6M AUD, leaving GMC shareholders with only 75% of the Project.
Also, that $7M standby facility is at 20% interest!!!

ASX Announcement 12 March 2018

• Gulf secures approximate A$15 million equivalent funding to advance Kupang Smelting Hub Facility, now fully funded through to first production
  • Approximately A$15 million funding round led by PT Jayatama Tekno Sejahtera (PT JTS) to invest a combination of A$ and Indonesian Rp amounts equivalent to approximately A$15 million to fully fund the construction and commissioning of the first two smelters at the Kupang Smelting Facility:
  • Indonesian Rp equivalent of approximately A$6 million Convertible Note to be issued by PT Gulf to PT JTS’s wholly-owned subsidiary, PT Jayatama Global Investindo (PT JGI)
  • Additional Indonesian Rp equivalent of approximately A$7 million standby facility to be available to provide additional financial loan facility, if required, during construction / commissioning phase
  • Highly credentialed Indonesian nationals Bpk. Fofo Sariaatmadja and Bpk. Chairoel Jul Naro to be appointed as Commissioners of PT Gulf and Bpk. Johanes Susilo to be appointed as a Director of PT Gulf A$2 million Converting Notes issued by Gulf to Eighteen Blue Investments Pty Ltd, together with 1-for-1 free attaching listed options
• Gulf remains on target to commence first ferromanganese production from Kupang Smelting Hub by mid-2018

From Page 4 - in relation to the $2M debt (convertible notes)
A$2m GMC Converting Notes Issuer: Gulf Manganese Corporation Limited (“GMC”) Subscriber: Eighteen Blue Investments Pty Ltd (“EBI”) Aggregate value: A$2,000,000 (133,333,333 notes with a face value of 1.5 cents each) Security: None Coupon: 0% Term: 5 years from issue (“Maturity Date”)

From Page 5 of the same announcement - in relation to the $6M for 25% of the Project
PT JGI has agreed to invest an IDR equivalent of approximately A$6 million through subscription for a convertible note to be issued by PT Gulf (“PT Gulf Convertible Note”).
The Convertible Note will automatically be converted into 25.1% of the equity of PT Gulf by way of new shares to be issued by PT Gulf to PT JGI (“Project Investment”) upon achieving the following conditions precedent (“Conversion CPs”):

From Page 6 of the same announcement - in relation to the $7M loan at 20% interest
IDR equivalent of approximately A$7m Standby Facility The Standby Facility provided by PT JTS to PT Gulf is on the following key terms: Principal: IDR equivalent of approximately A$7 million available to be drawn from signing until 4 months thereafter; Maturity Date: 31 December 2020; Coupon Rate: 20.0% p.a. payable monthly; Repayment: At PT Gulf’s discretion, but not later than 31 December 2020;