Ann: Commercial Manufacture of TMG Enhanced Graphite Products, page-96

Don't get too baiting in a velvet glove, names little. GMP being involved recently in China was also for a TON CR to cover it's 49% in YXGC JV. IMO.
Qtrly cash to 30th Sept issues by end of October and Drilling AND DFS preparation are cash burning exercises. TON should still have reserves from the $11mil placement to cover Oct/Dec running costs but not a say $10mil JV Capex commitment.
Anyhow there hasn't been share issues to cover the several consultancies doing the DFS so must be cash by progress payment.
Again the SQZG 'deal' looms to be sorted. Will they or any other Financier pay a Premium/share of eg 50cents for this $10 mil ? 35 cents? Is it as little or as much as $10mil required?
Yes the recent MNS uptrend IMO was "orchestrated" to get the earlier 25 cent MNS placement, cashed out along with the "legendary" 2 cent Options distributed in order to do another CR for equity financing.
I thought awhile Back that the same "ploy" was being done TON to get sp to at least 35 but that fizzled out.

Anyhow Watcher on the Wall, Names Little less tit4tat with the MiNSers. There's a conundrum re Finance here. a TONundrum