Construction of Manganese Smelter Affected by Mine Moratorium, page-56

Yes you are correct.

He's effective price is $0.01 but this deal has yet to be closed. It is very risky if the share price dips below $0.01 as financial close with the investor will become even less likely.

With a moratorium on mining in NTT, and the extended Convertible Note maturity fast approaching, GMC could soon find itself in a very sticky position where it owes $8M or loses the smelters (as they the Noteholder has secured the debt against them).

I do really feel for those that bought in at $0.023, but you got to give it to Mr Wiseman - he traded it to perfection (if you read his posts he discloses when he sells).

12th October is a month away.

Tick tock GMC