"Pak Marthen has subsequently been removed as President Commissioner of PT Gulf and the Company is considering its options to take legal action against Pak Marthen."
"On the 20th February 2017 the Investment Agreement with Marthen Amtiran (“Pak Marthen”) was terminated. The funds raised from this agreement were to substantially progress the project. These conditions indicate a material uncertainty that may cast significant doubt about the ability of the Consolidated Entity to continue as a going concern."
"As at 31 December 2016, the Consolidated Entity had a working capital position of $387,108."
"On the basis the Consolidated Entity can complete the Private Placement, the repayment of the Loan will be paid from the funds raised from the Private Placement. If the Private Placement cannot be completed within 3 months from the 6th March 2017 then the Loan is repayable in cash."
"The company is currently in advanced discussions with sophisticated investors to complete a Private Placement. The funds are expected to be raised within 3 months from the date of the Interim Financial Report. The funds raised from the Private Placement will be sufficient to meet all commitments for the next phase of the ferromanganese smelting business and to satisfy creditors as at 31 December 2016."
Unless this soph placement is successful, it sounds like GMC's ability to repay the 3 month drawdown loan facility with Tanah will be in serious doubt; the loan being immediately payable in cash at the end of the period (8 June 2017).
IMO
GMC Price at posting:
4.2¢ Sentiment: None Disclosure: Not Held
