The last capital raising was solely to pay out the convertible note holders, as stated by NAG in their announcement. And I'll let you work out who the convertible note holders were! So once again the board at NAG were looking after themselves.
If/when NAG goes into administration any money they have at the time will go into paying out the rest of the convertible notes. The last on the list will be the shareholders.
There isn't any money to undertake a drilling program.
Suburban rail pass, page-13
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