announcement very bad

Ok boys, lets see the positive spin on this one...

Issuing another 325mil shares (180mil now) for 1c.

Thats right. 1c.

Plus, the company doing the issue gets 20mil shares and $150k if they can find enough people to invest $3mil.

I ask, why not go to existing shareholders rather than essentially sell 2/3rds of the business for $3mil? Thats what theyve done.

Biggest dog on the ASX!!!