After GMC have exhausted the CPA, (after Acuity short sell the...

After GMC have exhausted the CPA, (after Acuity short sell the 380m shares), then GMC is still $8M short of funding for the project.

They required 24M less the 12M they raised (less the $3.8M assuming Acuity successfully short 380m shares).

At this point, if I were Lee I would redeem my note



Management don't get a say - redemption option is with Lee. If Lee redeems, GMC need to come up with $1.0M cash - these are the terms as per above. Management have no discretion whatsoever in this.

Within 1 month, GMC would need to raise $1.0M.

If GMC manage to Lee receives his $1.0M.

If GMC don't, Lee could force GMC into VA, where he could seize control of the assets and increase his stake - that is, only if course, if he thought this were a viable project