Ann: Capital Raise - Placement of Shares, page-8

WTF happened!

1) the raise was at 2.8c which is a 36% disc to the last traded price of 4.4c

OK so in layman's terms, they have gone to the market at 3.4c and couldn't complete the raise, so they had to discount further to 2.8c. What an absolute disgrace!



2) of the $1.9m raised, $500k will go in paying your chairman $150k (the guy who tipped you into the $11m cluster F@ck Perdika loss) and the CEO for 12 months. How's everyone feel about that?

3) remember according to the Dec financials the company has $1.9m in current assets and $1.78m in liabilities. It means they had about $140k after liabilities at the end of Dec. In the Dec qtr they burned through $1.6m, so if they are still burning at that rate there ain't going to be a lot left of the $1.9 just raised.