The offer was $11M. But the offer was from a questionable...

The offer was $11M. But the offer was from a questionable entity; and the ASX intervened over concerns of lack of due diligence on the part of GRL management, and then the deal quickly collapsed. (Also, in the event LP is sold, there is a $2M "finder's fee" required to be paid to a deceased gentleman's estate, as part of the deal when LP was acquired by GRL's predecessor.)

If you bought in circa 1 cent, it's probably a decent risk/reward proposition, but likely a binary one. IMO, the sale of LP is the only hope for GRL now. Otherwise, it's dilution to oblivion, with ARR eventually swallowing GRL for pennies.