Cornerstone investor was originally meant to get 25% equity for conversion of $6M convertible notes. Valuing 100% the project at $24M (of which GMC shareholders own 75%).
Now, for the $6M the cornerstone investor put in, they get 25% equity and still get $5M back via debt. So essentially they received 25% of the project for $1M. Valuing 100% of the project at $4M (of which GMC shareholders own 75%).
Disgusting deal, Trump could do better!
GMC Price at posting:
1.0¢ Sentiment: Sell Disclosure: Not Held
