I really have a hard time figuring out how on earth anyone would...

I really have a hard time figuring out how on earth anyone would be willing to buy into this offering. The company has a cash position of $0,2M, receivables of $0,6M and investments of $0,2M. That's $1,0M.

On the liabilities side of things: Payables of $5,3M, provisions of $2,0M and financial liabilities of $9,3M. That's $16,6M.

In other words: Working capital is negative at -$15,6M, total net liabilities at -$15,4M.

How is this supposed to work? Assuming the offering goes through (it is underwritten and sub-underwritten so I assume it is likely to succeed), most of the funds received (73%) go directly into the pockets of Siderian. A further 9% is intended to cover expenses related to the joint venture dispute and another 8% to cover expenses of the offer. That leaves a measly 10% ($165k) for general working capital and admin costs. How is the company going to pay the bills? How are they going to pay for feedstock necessary to restart FeW production?

IMO there is no way out of the hole they dug for themselves.