Ann: Classic Undertakes Rights Issue and Prospectus, page-28

Good question MT - but why hasn't the ASX delisted this company yet - how can CLZ continue to repeatedly go to the market and raise (strip) funds from investors when the objectives of every prior cash raise are not met and the application of funds raised is questionable. It would not be difficult to prove such a claim. (Where is the Gekko incidentally, they claimed it would be producing gold two years ago - haven't seen any mention of it recently).
New investors may not be aware of CLZ's track record so he is my case study - - I had a wee punt of $1,5k for 1.5mill CLZ shares in 2021ish - a consolidation of 150 to 1 followed leaving 10,000 shares - plus a further consolidation of 50 to 1 leaving 200 share which are now valued at 80 cents.
And now they have the audacity to raise further funds. Better question still - why hasn't ASIC stepped in.