price chart is showing signs of another ccc, page-9

Maybe partially underwritten. Depends if we are trying to supplement Noble facility or replace it. Clearly we couldn't raise $5mil or the full $10mil from a rights issue. Very difficult to raise your entire market cap from existing holders. Even 1:1 ratio. Some would buy full allocation. Especially only say $5k. But if you own $50k might not be so easy.

In this climate and with certain negativity around KAB/OKAP, timing would be everything. But I wouldn't think fully underwritten would be likely.

Celtic is an arm of CPSS. So they would be lead broker imo. They do underwrite. Generally on "best endeavours" which often equates to fully underwritten without the legal pressure.

I would like to see and cap raising done prior to Celtic conversion, and the money raised would pay out the loan.