On April 12 the company announced that it had placed $15,000,000 of nil paid shares with Acuity. So these shares have already been announced as issued. I don’t think the company needs to necessarily announce they have become paid up.
Given that Galan is running a cash burn of $25m per quarter, and it had less than $10m at the end of March. The ATM won’t be enough to see them through to the end of the quarter.
That is not spreading fear, that is stating facts.
If they can’t find another funding line soon, they will have halt construction. That is also a fact.
Ann: Quarterly Activities and Cash Flow Report, page-202
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