9:2 renounceable rights issue, page-9

They've stated they are raising a bit over $100 million. At 4c a share they need to issue 2.5 billion shares to raise $100 million. They currently have 600 million shares on issue, so an additional 2.5 billion shares is 2.5/0.6 = 4.x.

So it is 4.5 shares to 1 for the rights issue. You get one option for avery 10 shares you subscribe for.

At least they managed to get it underwritten so they will be cashed up, debt free and ready to go again. But with nearly 3 billion shares on issue this will be a plaything of day traders for a time to come yet I suspect.