Much like I predicted above.
Current GMC Shares = 3,102million.
PT JGI to get 25.1% by converting $6m note. Not sure what PT JGI current shareholding is and this will affect calculations.
New shares to be 3,880million.
PT JGI will then have 974m shares (25.1% of 3,880million) converted at .0062c.
Invest $6m at 1.5c shares = 400m shares
Invest .005c for options and take up = 400m shares
Two other investors 133.33m shares each.
GMC total new shares = 5,142million shares
PT JGI shareholding = 1,774milllion or 34.496%.
Not as bad as ATA which has or is in the process of issuing up to 23.6 billion shares. Has a market value of 23.6m if re-list at .001.