something doesn't add up

Hi there, I'm a long term investor in GXY. Since I've lost track of all the financing rounds I have assembled a list of all the info that I was able to find. What I came up with is this:

The projected cap ex costs for both Mt. Cattlin and Jiangsu according to the feasibility studies were 68 million for Mt. Cattlin and CNY 342 for Jiangsu. At AUD/CNY=6.8 this should translate into AUD 50 million. Accordingly, finalizing both the mine and the lithium carbonate plant should cost GXY around 120 million Aussie.

Interestingly the more significant capital raisings during the last two years list as follows:

August 2009: 156M CREAT financing (26M equity, 130M loan)
October 2009: 65M placement of 51M shares at 1.28
November 2010: 91.5M: 61.5M 8% convertible bond, 30M equity at 1.39

That's 312.5M, almost 200M more than required for building both Mt. Cattling and Jiangsu. Even if Galaxy elected to repay/not use the 130M CREAT loan, we still should be left with excess money of around 60M. I just can't see why the company should launch yet another financing round at this point in time.

Nevertheless Galaxy went on and during December 2010 published its intent to establish a Hong Kong listing, issuing shares worth USD 270 million there. As we have leared, this listing was postponed and the company came up with another AUD 120M financing round instead. According to my back-of-the-envelope calculation Galaxy should have 180M cash on hand (plus a 130M loan facility) right now, less minor costs due to mining operations at Mt. Cattlin and 3M for the James Bay project. The first concentrate shipment has not been sold (as planned) but delivered to the Jiangsu plant, so no revenue here.

What I don't understand is even though the company has 180M cash on hand and a 130M loan available, they still pursue the Hong Kong listing? If they were able to collect another say AUD 200M (reduced from USD 270M) there, that would lead to half a Billion Aussie. What the **** do they need that kind of money for? I would greatly appreciate if somebody could make their plans more transparent to me. Many thanks in advance.

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