In accordance with the Notice of Meeting to be held on 27th July , and specifically in regards to Resolution 3 . ( per below ) , it was already a well known fact of their ( the BOD's ) intentions to undertake a Capital Raising at their discretion and forward pre-determined date. So I can only presume that they wish to bring forward this requirement in light of Market Conditions and perhaps even expand upon it before the ASX temporary improved liquidity guidelines are set to expire or be rolled over on 31st July 2020.
Resolution 3 - Approval for future issue of Shares and Options
" Resolution 3 seeks Shareholder approval for the issue of up to 200,000,000 Sharesand up to 200,000,000 free-attaching Options. Further information in relation to thisResolution is outlined in Section 4. "
So as per the Explanatory Statements per the Notice of meeting announcement we can see the potential reasonings for this TH .....which look to me to do with the potential ' Placement ' going beyond the previously stated requirements and perhaps requiring a Prospectus. Or maybe it's as simple as them having already determined who the ' Professional and Sophisticated ' Investors are , and / or who may or may not be appointed as Lead Managers to a non underwritten or a ' Fully ' or partially underwritten Prospectus ias may be the case in an accelerated rights issue type situation.......
The Company does not currently have a lead manager mandate in place withrespect to the Proposed Placement and is not currently in negotiations with anylead managers in this regard. The Company will consider engaging a leadmanager at the time the funds are to be raised. The Company anticipates thatany fees payable to a lead broker will be on standard market rates ofapproximately 5% to 6% of the total funds raised.
From a personal point of view , I would prefer the raising be ' Fully ' underwritten given the sheer amount of Options sitting within reach below 1.0 cents at .008 cents. Because any interest in underwriting the well priced issuance of shares would surely be interested in underwriting the potential future conversion of these Options. So selection and naming of Lead Managers / Brokers to any potential raising is in my opinion very very important at this point in the juncture .
According to their last 3B issued on 29th January 2020 they had the following available ASX raising capacities :-
Rule 7.1 – 107,757,551.
Rule 7.1A – 85,171,700.
Excerpts from Notice of Meeting Announcement 23rd June 2020 :-
As summarised in Section 2.1 above, Listing Rule 7.1 limits the amount of equitysecurities that a listed company can issue without the approval of its shareholdersover any 12 month period to 15% of the fully paid ordinary shares it had on issueat the start of that period.
The proposed issue of the Shares and Options does not fall within any of theseexceptions and may exceed the 15% limit in Listing Rule 7.1. Accordingly, theCompany is seeking Shareholder approval under Listing Rule 7.1 for the ProposedPlacement.
(c) the issue price of the Shares will be not less than 80% of the volumeweighted average price for Shares calculated over the 5 days on whichsales in the Shares are recorded before the day on which the issue ismade or,if there is a prospectus, over the last 5 days on which sales in thesecurities were recorded before the date the prospectus is signed. TheCompany will not receive any other consideration for the issue of theShares;
(d) the issue price of the Options will be nil as they will be issued free attaching to the Shares at a maximum of a one-for-one basis;
(e) if a lead manager is appointed by the Company, the Shares and Optionswill be issued to professional and sophisticated investors who are clientsof the lead manager. The recipients will likely be identified through abookbuild process, which will involve the lead manager seekingexpressions of interest to participate in the capital raising from nonrelated parties of the Company. If a lead manager is not appointed bythe Company, the Shares and Options will be issued to professional andsophisticated investors who will be identified by the Directors. Therecipients will be identified through the Directors seeking expressions ofinterest to participate in the Proposed Placement from non-relatedparties of the Company;
Assuming no Options are exercised, or other Shares issued, the maximum numberof Shares under this Resolution are issued, the number of Shares on issue wouldincrease from 851,717,007 (being the number of Shares on issue as at the date ofthis Notice) to 1,051,717,007 and the shareholding of existing Shareholders wouldbe diluted by 23.48%.
If subsequently the Options issued under this Resolution are exercised (andprovided no other Shares are issued or Options exercised), the number of Shareson issue would increase from 1,051,717,007 to 1,251,717,007 , which would dilutethe shareholding of existing Shareholders by an additional 23.48%. 
