Ann: Non-Renounceable Entitlement Offer , page-15

its basically a shell at $3m, they are raising capital to look for another project. They wont be drilling Doolgunna anytime soon with $800k

Either they have a project in mind in Kaz or they are going to start again.

I would be happy if the directors put in the full $800k and entered a JV at Doolgunna. Then we can all cross fingers that a good project comes along

Unfortunately though, this rights issue has failure written all over it. Either management have something up their sleeve (very little chance given their history) or they have their head in the clouds (just above CEOs)

will dive below 2c at open IMO