So it appears that points 2 and 3 from my email have been...

So it appears that points 2 and 3 from my email have been responded to. We now know that:

1. GMC erroneously used the term 'Company' in their announcement on 28 August
2. The conditions precedent have not been satisfied for the Convertible Note

I have followed up with the ASX as I believe the following should be disclosed asap:

• Which conditions precedent remain unsatisfied (given they were not satisfied between 12 March and 31 August, market participants should be able to know which ones remain outstanding so they can decide whether its realistic to assume this will occur by 12 October).
• What are the conditions precedent to receiving the $10.8M funds from the Cornetstone investor. Presumably, the conversion of the note is a condition precedent. It is highly unlikely that an investor would invest $10.8m to payoff the $8.0m debt to another party.

Once we have this information I believe market participants will be able to make an informed risk/reward decision.