Grafex hold all the aces. They can refuse to deal and force liquidation unless a white knight appears. Then what are the chances there is a fine print clause in the TON/Grafex "deal" that states if TON don't perform (and they haven't as they are in VA), Grafex retain 100%? Grafex can maybe say thanks for spending $40M drilling the resource and getting to JORC but we'll take it all back thank you very much. IAU all over again (sort of) except IAU spent over $100M before the rebels stole it.
How Sad & Cruel, page-55
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