So as a director he forked out $105,000.00 (105,000,000) into...

So as a director he forked out $105,000.00 (105,000,000) into the placement for 235,000,000 shares that raised $235,000.00 that is 44.7% of those shares. Seems to me these directors and associates are maintaining control so as to prevent a low ball takeover and or shareholder action under Corporations Act section 249N etc. Where holders with 5% of shares on issue or 100 shareholders can call general meetings. Also directors know shareholders will not be happy with the board and can vote against the renumeration report when a second vote against the renumeration report happens at the subsequent AGM all directors apart from the MD must stand for election within 3 months of that AGM.
So I think these directors know there is value in the company and they want to keep control.
That is just my opinion and not provided as financial advice.