Ann: Firm Commitments for $14ml Capital Raising, page-79

So your plan is to wait and see how much money you lose, then re-evaluate in 6 months? Gotcha.

For every one else in this thread complaining about how often this sort of thing happens: this happens precisely because retail shareholders let themselves get kicked around time and time again and are too feckless to do anything about.

Shareholder EGM.
Statutory derivative action
Oppression remedy
Ringing up the director and putting them on blast

All of these things are designed precisely for this sort of thing, and yet we sit around on our hands complaining about dodgy directors and eat the loss when it gets served to us. Permanent shareholder apathy is a uniquely Australian condition.

To everyone else: I am more than happy to do the paperwork if we can put together more than 5%.