GMC gulf manganese corporation limited

Continuous Disclosure, page-7

  1. 5,039 Posts.
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    There are only 4 types of sentiment on HC - Buy, Hold, Sell or None

    As I do not own GMC this disqualifies the Buy or Hold.

    The concerning (resulting in the Sell sentiment) facts remain (you are entitled to your opinion that this is "slag", but if you simply referred to GMC's announcements you would realise that these are actually facts - happy to be proven wrong by any reference to GMC statements??) that:
    1. GMC have a Convertible Note of around $8.0 million that becomes payable tomorrow (31 August 31 2018) as the conditions precedent for conversion of this note have not been satisfied (or disclosed that they have been satisfied).
    2. Based on the announcements to date, GMC does not have sufficient cash reserves to pay back this Convertible Note if it becomes due tomorrow.
    3. Despite this perilous liquidity situation, GMC share price has appreciated close to 100% over the past few weeks
    4. GMC have recently announced a transaction with “another” cornerstone investor for $10.8 million despite having previously announced that the Project was “fully funded”. GMC have not provided any information about the conditions precedent to this transaction, or the financial capacity of this cornerstone investor.
    Last edited by tt2000: 30/08/18
 
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