GMC Chart, page-117

Do Your Own Sums



If GMC had engaged a broker, on, say 1 August 2018, any raising would have been based on a discount on historical prices, ie 30 day VWAP less a brokerage fee, and based on previous figures, assume 6% (but use your own numbers). On these numbers, the net return on 100,000,000 shares would be about $900k



In dealing 100,000,000 shares with Acuity, Gulf has raised A$1.26m, with the same dilution as with a broker, but is 30% ahead for the Company and the Shareholders.



That’s a win win as far as I’m concerned.