So $1m raised via convertible notes repayable in shares at...

So $1m raised via convertible notes repayable in shares at $0.001 and a rights issue of five new shares for every one held to raise $4.9m (probably closer to $4.5m after costs).

Looking forward to seeing the rights issue prospectus to see in detail how the funds are intended to be used. I anticipate a huge shortfall.

I wonder how quickly they can get things in Malta moving once the fund raising is complete.

It’s a gamble with the convertible notes, it could see them forfeit the Malta licence if things don’t go to Plan.