Ann: Termination of Binding Agreement, page-29

GMC's share price was 0.006 the day before the binding agreement was announced... IMO there is no hope that the SI will pay anything over 1-1.5c in the placement... I don't think an agreement will even be reached with the SI... This is looking disastrous and anybody that is happy that this termination of agreement has occurred may not be so happy after finding out about the terms of the placement if there even is one... This could drag on for ages, and the management have to be held accountable. They should have done a small CR at 3-4c for security... They put all their eggs in the Pak basket... At the end of December GMC had $683,000 left in the bank with projected outflows for this quarter being $750,000 which we are 2/3 of the way through... There is no money left in the bank, Pak knows this, the SI's knows this, the company is on it's knees... This is going to either cause massive dilution to keep them afloat or go bust... I am sorry for all shareholders, I have seen too much of this bull crap on the markets... The only losers are always small mum and dad investors, which is sad...