cap raise , page-8

Shares for their creditors, i.e. the directors who wrote creditor notes to pay their own wages whilst incurring debt to the company. Then they go and do a 'cap raising' and reward themselves with shares they will play on the market in place of actually you know, managing the company in such a manner that produces sustainable professional costs...and meets them with CURRENCY.

...RMR from "HIGH" risk to "EXTREMELY HIGH RISK". I wonder how strongly the new director actually believes he will get the shares trading at over 75% after consolidation, i.e. 1.05c from .06c to score his extra shares.

An infuriating deal. Essentially what this illustrates is that they have run the company whilst insolvent and have only been able to meet their costs through this capital raising - which appears to provide massive personal benefit to the directors. That $1.5m cash damn well better hit pay-dirt IMMEDIATELY or this cycle will continue.