I've just spent the last few hours going over absolutely everything i can find..
The only thing that makes sense is that GMC management bent over a little to accommodate Pac & welcome him as an investor , everything looked to be going smooth but then Pac did a backflip sometime in Sep last year & wanted more then just a slice.. He singed a binding agreement , Mag spot price is on the up like i thought it would be & i'm sure he would of made his money back x 10 over the life of the investment.
Without being there it's really hard to comment on why Pac pulled the pin , could be cold feet who knows..
Moving forward , on every Pac update there was sophisticated investor lurking in the background.. not sure what to make of it but Pac's 20% of GMC would be about 300 mill shares , if issued at 3.5c = $10 mill..
I'm not even sure if this is enough to get the project going but the trade of dilution means GMC earn all the money.
GMC Price at posting:
4.2¢ Sentiment: None Disclosure: Held