Re:Ann:Gulf Funding Update, page-7

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tt2000

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09/03/18

10:03

Post #: 31640733
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Originally posted by GunnerGecks ↑

I agree there is a degree of over promising and under delivering which is frustrating.

1. With Pak due diligence was seemingly done ( yes still some responsibility needs to be placed on GMC's behalf) but in the end he stuffed them over.
Agreeing to initial terms and giving a 200k deposit, then delaying payment and changing terms which was in the end deemed unacceptable by GMC management.

The smelter refurbishment has been paid for and its just the transformers left to finish. Yes I agree that its frustrating that this was announced to be delivered in December but we are still waiting. Then it was announced that they would leave for Kupang in Feb in the latest quarterly activities statement. A bit disappointing but hopefully we get an update soon.

Tanah Capital have some big dollars so I for one am very happy for them to be our number one holder. To still subscribe at 0.05 instead of 0.09 based on the lease agreement - big deal. The guy owns over 175m shares. He must see something in this project.

One thing I would like to know is if there is a revised plan on how they are going to fund the project moving forward. On the detailed plan they announced in 2015 they planned to raise 25k from an IPO on the SGX. Is this still on the cards? What is the funding plan moving forward? Is it still the same?

Obviously revenue produced from the first two smelters was supposed to help fund the project so hopefully this comes to fruition soon.

Cheers

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You know Tanah Capital subscribed at $0.005 and not $0.009.

They didn't subscribe at $0.05

That's a factor of 10 x less than what you think.

The Singapore idea was another missed promise and revenue can't be produced until the smelters are operational which requires another AUD $12m

GMC Price at posting: 1.2¢ Sentiment: Sell Disclosure: Not Held
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Re:Ann:Gulf Funding Update, page-7

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