That is factually incorrect.
On 12 March 2018, the announcement states:
o Indonesian Rp equivalent of approximately A$6 million Convertible Note to be issued by PT Gulf to PT JTS’s wholly-owned subsidiary, PT Jayatama Global Investindo (PT JGI)
o Additional Indonesian Rp equivalent of approximately A$7 million standby facility
to be available to provide additional financial loan facility, if required, during
construction / commissioning phase
o A$2 million Converting Notes issued by Gulf to Eighteen Blue Investments Pty Ltd,
together with 1-for-1 free attaching listed options
GMC have received $2.0M so far From Eighteen Blue Investments via a converting note.
The investor (PT JGI) has yet to deposit anything into GMC's bank account. If they do decide to deposit the $6M, they get 25.1% equity and title to the smelters.
If this is really such a compelling project, then why is this investor still not put the $6M for the 25% stake?
PS - i think you have confused the deposit and the stake that the investor is acquiring in this project. May be worth rereading announcement on 12 March 2018.
Cheers
Future good for GMC, page-47
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