Ann: Underwritten Rights Issue , page-15

"Also they cut off the rights today and it has fallen to 1.8 cents"

Cost of stock 2 cents less half value of free options.

Share base to be expanded at whopping 6 for 10 ratio plus underwriter option for additional $1M placement as well?

Awash with loose stock, unhappy shareholder base and only modest cash net of fees raised relative to high cash burn?

Seriously negative return on previous capital raisings.

Painful!