Yes and in one trading session GMC dropped from $0.042 to $0.012...

Yes and in one trading session GMC dropped from $0.042 to $0.012 (despite this happening over 8 months due to a voluntary suspension).

GMC's bid -ask movement is 5%...

Last time this happened was after a Cornerstone Investor that signed a term sheet pulled out. The only difference is this time GMC may owe debt if the noteholder doesn't convert. Sounds ominous if you ask me.

Wonder why the noteholder didn't convert $6M for 25% equity. Surely, he values 100% at more than $24M AUD (of which GMC would only own 75%)...