How did CNL go from a position of having raised $7.575 in...

How did CNL go from a position of having raised $7.575 in December to having $40,000 cash at the end of March?

Having turned down an of a placement of $8million from Psons at 3.5 cents in November the CNL board, owned by Africa Lion, now find themselves in an unfunded position and decide to mortgage the Company's sole asset at an interest rate of 15%. It can be rolled over at an interest rate of 20%. This at a time when the RBA is reducing interest rates and the Australian Interbank rate is 2.5%.

This puts Polo Resources and African Lion in the league of vulture funds.

But what does it say about the Directors that allowed it to happen?

Oh, and according to CNL's April 13 announcement the cash call by CPSA was not justified.

Where is ASIC in all of this?????????????

Watching from the sidelines.