all will be lost if going into administration, page-10

Well, if no one subscribes as you say, then there remains only 550m shares. 550m x 8c = $44m cap. The debt is $166m.

$44m Shares + $166m debt = ~US$200m to buy everything.

Do you honestly think that is all the plant + Sal de Vida + Mt Catlin + James Bay is worth? If so why would both China and Canada pay over $550m capex to build identical plants to process spodumene into lithium carbonate?

If the sp goes sub 8c, IMO GXY is a buy not a sell (< 50% below NAV - screaming takeover target.)