a little speculation

The Company is being very shy to say the least. As a school master, ASX doesn't make a basement cleaner.

I would certainly have expected some mention of the Bergen "deal" in today's announcement. The fact that the sum $2.5M is the same, but the other deviousness is dropped suggests the following.

JP Morgan Nominees Australia Limited (Cash Income) has a 17.1% shareholding as of the current Company website. HSBC Custody Nominees (Australia) Limited has 5.7%. Suppose the heavies in either or both of those said to the Board : "Not on your Nellie, fellas. That deal you've been spruiking stinks."

The MD sells some shares, then the proverbial hits the fan and the board retreats.The directors responsible for the Bergen approach were kicked out, discussions then started with a financial source professionally vetted by JP et al, and today's announcement followed. Not sure through whether the two new appointees are from the same Company providing the new finance.

If that is anywhere near the scenario, and the mine manager and hands-on staff mining are competent and not affected, then having better financial oversight might be useful. Get today's slam dunk out of the way and there could a few cents to the good side offering.