Since this morning there's been a lot of selling into 0.012
Looks like the buy side has thinned out considerably. Most probably they have done their homework regarding the risks and the points that @tt2000 made.
From the full year accounts, GMC is heavily reliant on the first 4 bullets to continue as a going concern.
In relation to:
Bullet 1 - There is a current moratorium on mining in the region
Bullet 2 - GMC have not disclosed any conditions precedent to this agreement, and are poor in closing transactions (see bullet 3)
Bullet 3 - the revised extension date is this Friday. If GMC fail to satisfy these conditions precedent the debt becomes payable, and they currently dont have sufficient cash reserves
Bullet 4 - The notes are only converted into equity if GMC satisfy the conditions precedent which they had failed to do by August 31 (The first deadline for achieving this)
Appendix 3Y 28th September shows Mr Sam Boon Beng Lee’s indirect interests (Held in the entity - BB Lee Superfund) - a substantial shareholder sell down 16million GMC shares and 27million GMCO options...
This is a big week for GMC especially if they fail to meet the conditions precedent and the convertible note becomes payable.
