figured it out, page-23

Zac, read your post and thought I would throw my 2 cents in. The way I read it, the capital raising wasn't completed because they had to finalize the resource upgrade. If that is the case, then I believe it would also be the case that the institutions who indicated they would buy into the CR for 25 cents haven't paid one brass razor as yet and MGO will have to go back them after the resource upgrade to see if they still wish to participate. Obviously, they will want a discount and if we are trading at under .25 cents, they will be less inclined to pAy that amount.

Feel free to correct me if I'm wrong, but I don't think the CR is finalized until the resource upgrade is, which would indicate no one has paid anything.
In terms of a takeover, MGO is tightly held so any to would need to convince the few big shareholders, which may be difficult given the long term prospects. I don't think it would be at .60 cents.