He has an option to increase his holding in the project from his current level of 10% to 20% in return for a further payment of USD20Mil. That means that he has an option, but not the obligation, to exercise if he sees fit. He already controls that extra 10% of the project whilst holding the option so there is zero point in him putting up the extra cash until the option is close to expiry in 12 months time.
GMC Price at posting:
3.1¢ Sentiment: Buy Disclosure: Held
