They have the option to place shares as is approved at 15% from...

They have the option to place shares as is approved at 15% from memory without shareholder approval. The lower the price the lower the allocation price will be. As we move to 10c it's looking like that price will be sub 10c. Why would you invest at market value if they are being asked to load up?

If they are after more than the 15% then they need shareholder approval and as last time the ASX made them offer some to shareholders. I do not expect this unless they cannot get any large holder to take on more.

The play may be to get a private holder like mr powder to grab a large slice with a backhander in the works so the next share grab will pass.

Fun and games with the board as some don't like putting there hand in their pocket.