Ann: Galan Secures $15m ATM Funding Facility, page-45

It's incredibly hard to kill a company without debt, but JP is giving it his best attempt.

This is the wrong time to be trying to go it alone and build out a pond system without having secured full project financing. The market is depressed and there is no need for us to be racing full steam ahead into an arguably oversupplied market.

There are only a few ways this plays out

1. Glencore comes through and we fund stage 1.
2. Some other company appears and funds stage 1 - best case some sort of partnership or prepayment deal. This seems a lot more likely if we have an export license.
3. JP destroys shareholder value by issuing huge volumes of shares and we fund stage 1 through massive dilution.
4. We sell a project (or a portion of the project) to a third party.
5. We get taken out - likely not at a lofty price some of us would like to see.
6. JP is unable to lock down funds and is finally forced to stop building like the reckless madman that he is and we wait for the market to turn or some other new catalyst to restart building the project.

I don't see GLN going to 0, but there is also no reason that I can see to be going full speed ahead either. I'd prefer to see us conserve capital, progress the export license and try to sure up financing. Yes, there is a cost to this approach and it's possible the team building the ponds don't come back to finish the project, but with money you can do a lot of things, without money we the shareholders continue footing the bill.