This is the game money follows money. They didn't disclose who the investor was or when the placement would be finalised. So currently they are going fishing, using this 'committed' funds to drum up more funds. The hope of this is that they can over-subscribe from others and not require the disclosure to ever say this investor never existed.
It's much like the old ball under the hat street game. This happens a lot and if GCN pulls it off, good for current holders as they can kick the liabilities can down the road a little further.
GCN Price at posting:
1.7¢ Sentiment: Sell Disclosure: Not Held
money follows money. They didn't disclose who the investor was or when the placement would be finalised. So currently they are going fishing, using this 'committed' funds to drum up more funds. The hope of this is that they can over-subscribe from others and not require the disclosure to ever say this investor never existed.
