Crap company, Sack the board, page-37

Here's the cash



From the above there is no disputing GMC themselves project cash to be nil by 31 March 2018.

They have the CPA with Acuity, where Acuity can short sell the 150m shares they received as collateral.

From Dec quarterly:

In December 2017, the Company entered into a Controlled Placement Agreement (CPA) with Acuity Capital. The CPA provides Gulf with up to $5 million of standby equity capital for a 2 years period.

As collateral for the CPA, Gulf has agreed to place 125m shares from its LR7.1 capacity, at nil consideration to Acuity Capital (Collateral Shares) but may, at any time, cancel the CPA and buy back
the Collateral Shares for no consideration (subject to shareholder approval).

There are only 380m shares available as per Listing Rule 3.1



380m shares at $0.01 =$3.8M, sustaining another 3 months given GMC spend $3.5M per quarter.

Thats if Acuity can sell 380m shares on market at $0.01.

380,000,000 shares is a lot of selling pressure