Ann: Gulf Manganese IMnI June 2018 Annual Conference Presentation, page-20

A recipe for disaster, this funding package can only end one way and that is a disaster for GMC shareholders.
Don't kid yourselves the $7 million standby loan will be gobbled up before any meaningful income is coming in. The 20% interest charges and payable monthly is the final nail in the coffin. GMC won't have any money to pay the interest and will most likely need to pay the interest in shares for the consideration. GMC will need to allocate at least 140 million shares annually just to pay the interest bill. How will GMC manage to pay back the $7 million loan by 31st Dec 2020?
The rubbish about starting production in mid 2018 is a joke, management know that this is impossible but GMC shareholders continue to believe this tripe.