Exactly NL. You put out a prospectus outlying where the money is going. Shareholders take this as a given and put more money into the company to only find out they haven't paid Grafex out and may lose the $4 mill already paid to them for the 90%. Haven't paid the drillers which was supposed to be paid out immediately.
Why tell SH where their money is going if they haven't done anything with it.
My only thoughts here is they are trying to sort out the contracts with Grafex first.
Minutes of meeting, page-113
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