Ann: Termination of Binding Agreement, page-94

Pecking order hypothesis.

Management are picking the best deal for shareholders.

First was $10M USD for 10% from the Toad.

That didn't happen so they accepted the Toad's counter offer on significantly worse terms providing he made the deposit by Sat. He didn't and GMC are running out of cash so they moved on top the next available offer

Hence we are at the alternative funding which is undoubtedly on worse terms than the Toad's counter offer which was on significantly worse terms than the original $US10M offer.

As I said 50% drop is the best case we can hope for here.

If you want something differently to be done I suggest you simply forward a copy of the email I send to ASX and ASIC as well. Will put copies on here.