Bottom is in its TIME TO PUMP!!!! 97¢ by August, page-32

You have confused 'daily shorts', i.e. new shorts, with 'total short interest'. To protect the guilty Total Shorts are only published with a four business day time lag. Total short interest has been steady in the last few days and is still just under 4% of shares.
Sounds high but many stocks go for long periods of time with higher. Metcash MTS short interest has been above 5% for more than three years but the price has been in a rising trend for all of that time. And looking on the bright side, over 96% of MGX shares are still long.
As for running out of cash, I say again that the latest Half Yearly shows that MGX has an undrawn credit facility of $100 million. I don't expect that to be used but nothing unusual if part or most of it is. Many companies borrow to achieve their aims.