Encouraging?, page-2

The reason management just got shares is due to a loan they gave the company many months ago.
I believe payment for that loan was the receipt of more shares.

Here you go -

"In May 2016 IEC entered into agreements (Agreements) with three separate parties to borrow a total of $125,000. Two of these parties are Aspac Mining Limited and Rothstein Pty Ltd, entities controlled by IEC directors Graeme Robertson and David Mason respectively and thus Related Parties of IEC. Of the $125,000, Aspac Mining Limited (Aspac Mining) and Rothstein Pty Ltd (Rothstein) each loaned $50,000 to IEC. "

"The Agreements provide that these moneys constitute simple short-term unsecured loans by the parties to IEC, to fund urgent Tanzanian administrative requirements and Malawi shutdown costs. Under the terms of the Agreements, the principal amount of the loans may be repaid by IEC in cash or by way of the issue of Convertible Notes to the lender, subject to IEC and the lender entering into a Convertible Note Issue Agreement and IEC obtaining all Shareholder approvals required to permit the issue of Convertible Notes to the lender. IEC, Aspac Mining and Rothstein respectively have entered into Convertible Note Issue Agreements, under which IEC has agreed to issue Convertible Notes to Aspac Mining and Rothstein in satisfaction of repayment of the $50,000 loans from each of Aspac Mining and Rothstein. The issue of Convertible Notes to Aspac Mining and Rothstein under the Convertible Note Issue Agreements is conditional on Shareholders approving Resolutions 4 and 5 respectively as those parties and Related Parties of IEC. If Shareholders do not approve Resolutions 4 or 5, the Company will be required to repay $50,000 to each of Aspac Mining and/or Rothstein in cash under the terms of the applicable Agreements."

It's further dilution for shareholders but you could argue the loan provided by them kept us a float a bit longer. Mind you, the Malawi mine issue is ongoing.