GMC has 2.5bn shares and 1.5bn options at 0.005. At $0.01...

GMC has 2.5bn shares and 1.5bn options at 0.005.

At $0.01
=2,500m × $0.01 + 1,500 × ($0.01 - $0.005)
=25m + 7.5m
=AUD$32.5m for 75% of the project (as they Fofo is considering buying the other 25%).

So 25% is worth 25/75 × $32.5m
=$11M

Fofo is able to acquire this 25% for $6M, at essentially a 50% discount but surprisingly has yet to commit.

If he doesn't commit by 31st May, makes me wonder how GMC will pay back their loans and fund the cash flow earmarked for this quarter.

Anyone have any ideas as to where GMC will find the money if this deadline is not met?