Ann: Application for quotation of securities - CLZ, page-14

This announcement was to inform shareholders that a debt of $424k was paid by issuing share at 4c

IMO:

Now it would be interesting to see if these shares were agreed to prior to consolidation as it would indicate that management do not care about eroding capital value by share dilution.

Additionally, the creditor in this case would probably not have accepted payment in shares had they known that the SP would have tanked to this level below the issue price?

Any creditors now IMO would be VERY reluctant to take shares as payment, how are they going to pay for DEBTS and build a plant?