They originally had a "perpetual right" to acquire the next 29%...

They originally had a "perpetual right" to acquire the next 29% for 10 million and the last 10% for 50 million.

They managed to haggle that down to "the sum of $39,000,000 (AUD) in cash, 7,825,000 shares, and 5,000,000 options (ex $1.50) in a predetermined proportion to all shareholders of Westrip Holdings, the joint venture vehicle" which was a splendid result!!

But now they have only 4 million dollars in the kitty so there are a few alternatives:
1. extend the agreement out again and hope for the best
2. borrow the money and pay Westrip (but almost inconceivable anyone would lend without mining approval)
3. convert the agreement to a shares only payment and issue 100 million odd shares to Westrip
4. Have a new share issue of a similar amount to fund the cash payment.
5. Let the agreement lapse and go back to the original right to acquire for $60 million some time in the future.

I reckon the 39 million + share issue is very compelling compared to reverting to the original option, so I imagine GGG will be doing its best to get options 1, 3 or 4 up.

Either way the GGG warchest is nearly bare so there needs to be some significant share issue in the next 6 months

(Original option details:

GMEL entered into a Joint Venture agreement with Westrip in 2007 that saw the Company acquire a 61% share of a Greenland-registered company ‘Greenland Minerals and Energy (Trading) A/S, which owned 100% of the exploration license over the northern Ilimaussaq Complex in Greenland.
Under the joint venture agreement, GMEL became the manager and operator of the project, and had options to move to 90% ownership for $10M (AUD), and to 100% ownership for a final payment of $50M (AUD). There existed no time-restrictions on these options, payable at GMELs elect. The
payment could be made in cash or shares at Westrip’s elect.)