"Gulf Manganese Corporation Limited (ASX: GMC) (“Gulf” or “the Company”advises that it has secured a cornerstone investment of ~A$10.8 million from Jakarta based businessman, Bapak Dato Dr Low Tuck Kwong (“Bapak TK Low”
, founder and President Director of integrated coal group PT Bayan Resources
TBK, (“PT Bayan”."
GMC first gave away 25% for $6M AUD. Implies 100% for $24M
Now they've given away 20% for $10.8M AUD. Implies 100% for $50M
GMC will be left with only 55% of the project. It has a fully diluted market cap of over $100M (for 55% of the Project). Implies 100% for $181M.
My guess is given the current market cap, it will be annihilated today. Mr W, you sir are a genius.
Well played by getting out yest!!!
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Ann: Gulf Secures A$10.8M Cornerstone Investment, page-8
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