Yes GMC touched 1.4c briefly before quickly plumetting 15% to...

Yes GMC touched 1.4c briefly before quickly plumetting 15% to close at 1.2c.

As of 30 June GMC had $4.3M cash, and plan to spend $5.5m next quarter.

GMC owe $9.0M in debt via convertible notes (as per announcement on 12 March 2018).

" 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”):"

It then lists about 10 conditions

"The parties will endeavour to satisfy the Conversion CPs at the earliest possible time and in any case not later than 31 August 2018.
If the Conversion CPs are not satisfied or waived by 31 August 2018 (or by such later date, if any, agreed by PT JTS), the principal of the PT Gulf Convertible Notes becomes repayable by PT Gulf, together with interest of 15% per annum from that date to the date of repayment. In such an event, the principal on the GMC Converting Notes and any monies payable under the Standby Facility also become repayable."

So GMC need to receive confirnation by 31st August that the CPs are satisfied or they somehow need to come up with $9m...

Interesting 30 days for GMC.

If these noteholders do not convert, it could spell the end.