Firstly,Why did BMG reject it?Was it really lack of funds or did...

Firstly,

Why did BMG reject it?

Was it really lack of funds or did they know that there's nothing significant there?

Apart from the fact that W. Arunta is being over-hyped (IMO), I'm familiar with this Co.
Owned shares in the past & won't touch it now.

Something doesn't smell right as per usual

Don't be surprised if they raise capital again very soon and shares get sold down into any buying pressure.
IMO, Don't be surprised if large holders (including BOD's are selling as we speak).

As far as I'm concerned, the Co lost trust with SH's a long time ago.
I'm predicting CR after CR until the Co goes into V Admin.
Sell while you can IMO and/ or be very careful.