@sudsta, "As collateral for the CPA, Gulf has agreed to place...

@sudsta,

"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)"

From Appendix 3B on 5th January 2018:
"379,679,588
[Note: this is the remaining placement
capacity under rule 7.1]"

At current price, if Acuity were to sell 380m shares (which you'd think would drop the price with that selling volume), but let's say they managed this somehow = 380m × 0.0013 = $5M.

We know that GMC are burning $3.5M cash per quarter, and had $3.5M as at 30 December so projected to be out by 31 March.

So using the max allowable limit under the CPA would give $5M (assuming 380m shares could be sold at $0.013), sustaining another 1.5 quarters, or to mid July 2018.

So whilst Acuity is a short term solution, the CR seems inevitable here.

Cheers