Its pretty damn dodgy, Im not an expert with company law, but seems borderline illegal , I mean to not have to disclose any of these details. Who was the party, who was the legal consultant?
Whats stopping them from just doing a CR, raise $5 mill, then do the process again, this time it costs 2.5 million in conultancy fees and deal not done. Exaggerated example, but just to point out how ridiculous it is that they can just say this huge amount of money is just gone and no details around it at all, no value added to the company, just basically stealing shareholder cash.
9SP Price at posting:
0.9¢ Sentiment: Hold Disclosure: Not Held
