Complaint to ASIC, page-10

This repeat General Meeting to consider the Jiangsu sale Mark 2 some 9 months after the original Binding Agreement was approved. Jiangsu sale Mark 1 April 30 year 2014 Binding Share Purchase Agreement signed with Sichuan Tianqi Lithium Industries Inc. for the sale of 100% of the Jiangsu Lithium Carbonate plant in China, Transaction based on an enterprise value of US$230 million, comprising cash consideration of US$122million.

Jiangsu sale agreement  Mark 2 February 2 year 2015
Revised terms to Binding share purchase Agreement with Sichuan Tianqi Lithium Industries Inc, for. The sale of 100% of the Jiangsu Lithium Carbonate plant in China agreed.
Revised enterprise value of US$173.2 million,comprising cash consideration of US$71.7 million and assumption of all Chinese debt.Lets just assume they mean the debt owed by GXY to some Chinese Banks and not all Chinese Debt as they say  that runs into US$3 trillion plus.

Lets just stick to US$ and not confuse everyone by switching from US to AU $. We are down from cash of US$122 million to US$71.7 million which is US$ 50.3 million came off the cash.
Now GXY also has received US$42.2 million by way of of deposit and loan and of that only US$10.6 million was left as at 31 December 2014.
The repayment of the loan comes off that US$71.7 million.
No way now to pay the bonds and the longer it delays the more money goes in admin costs which includes the 2 executive directors. The trading suspension seems open ended.

Seems once again they are touting this Mark 2 as a Binding Agreement investors beware.