How did a project which has had little work done on it for years...

How did a project which has had little work done on it for years and never been mined manage to get circa $10m in debit? Should sharhders vote against to replenish the placement capacity at the AGM on the basis that it won't be required as the $10m in convertible notes is all that will be required thus putting a stop to the capital 3B raising at 80% of market price when the covertable notes are at 400% of current price and a lot less dilatory