Ann: Gulf Secures A$10.8M Cornerstone Investment, page-64

Here's how I see it @ a share price of 0.022 (MC = $66 mill, therefore 3 Billion shares on issue fully diluted)

Don't consider the options
GMC gains $10 mill in cash, but the MC increases by $15 mill. To re-balance GMC needs to lose $5 mill in value = 0.0206

Do consider the options
GMC gains $13.5 mill in cash, but the MC increases by $30 mill. To re-balance GMC needs to lose $17.3 mill in value = 0.0181

So my guess is it will hang around these levels for a while or drift lower, cash depletion offset by progress in construction.