Hey GT,
Important point to clarify here. From memory the cap raise was intended to bring in 500k, it fell well short and only got about 300k. Personally I think the reason for this was poor timing. They misjudged market sentiment at the time - there was two pump and dumps in a short period of time, and I believe they mistook that for genuine interest in the company, when in reality it had caused the opposite.
I'm long and I didn't partake - assuming I'd be able to pick them up on market cheaper than the 0.09c raise price (which I was lucky enough to - 8.7c, 8.5c, 8.2c). The convertible note sell off that occurred immediately on price increase didn't help either - I don't think he'll be doing that again, though understandable that he wants to lock in some cash from all that he's put in over the last (almost) decade.
Agree with everything you've said - just clarifying the cap raise and conditions around it, as I'm sure otherwise it will come up again
(20min delay)