Ann: Gulf Company Update, page-59

I'm not sure it makes sense to negotiate with any more CI's if Pak comes through.

10% for $10M = $100M USD = $130M AUD
90% retained GMC = $120M AUD
1.4bn shares (undiluted)
= 0.086

If Pak comes through the share price should converge to the valuation (albeit on a diluted basis).

Once the initial $10M is used to start up the project, an additional $10M can be raised through Pak via his option. In the absence of him, I believe a shareholders could subsribe to a SPP anyways (plus GMC would have some cash flow).

If Pak comes through, im not sure why we would need another CI. If they are that desperate to get a stake they should be forced to acquire on market.

Separately, the fact that GMC have appointed 2 full time positions here - the ops manager and the CFO (who was previously part time) indicates to me that they believe they will receive funding soon. Plus the engineering contract.

I still don't want to get too far ahead (given the delay until now) but it would be absurd for any company to enter into these arrangements if they didn't think there was a very strong chance of the funds arriving.