Ann: Exercise of Placement with Acuity Capital, page-23

The only problem with raising cash at these prices is that the dilution is going to inevitably result in shareholders losing money. Instead of looking through those rose colored glasses, think about the situation, more and more dilution resulting in another consolidation. It will take another 100 million shares just to pour the concrete pads to make the area usable, can't operate a smelter with ore stocks etc on a dirt floor. The first shipment of FeSi for the first production run will cost another 100 million shares, I'm guessing another few billion shares before the first production.
Who is going to be dumb enough to sell a good Mn ore mine to GMC for $1 million. It would have to be a dump for $1 million. Anybody who owns a good mine would be far better selling Mn ore to GMC for US$5.00/dmtu being a 30% discount to spot. It would cost $1 million just for 4,000 tonnes which is only a months supply requirement.
Where is Gowin and his DSO, this was supposed to be in operation 1 year ago according to his inside knowledge.