yepp I think GMC were aware of this, hence the suspension to...

yepp I think GMC were aware of this, hence the suspension to avoid trading on an uninformed market (i.e. people trading with the belief that the $10M for 10% was coming).

I also think GMC were hoping that Pak agreed to the counter offer (and paid the funds) last week so that they could release combined news.

Now this is a disaster scenario:
GMC has $0.7M cash as at end of Dec
It has an expected cash outflow of $0.75M for this quarter ending March (and this is with the reduction in admin)

So it is going to be out of cash in less than 60 days, and currently there is no term sheet with Pak, which will still take who knows to process and approve...