I have to agree regarding these issues. Chan got to pay CGN for...

I have to agree regarding these issues.

Chan got to pay CGN for shares, with the funds used to pay debt to Chan, plus receive an underwriting fee. So essentially he exchanged the debt for shares at a 6% discount to the raising. Unless I've missed something?

I'm actually surprised the shortfall was as small as it was. I thought the take up would be virtually zero given the share price was under 7c the entire time.

And finally, I can't understand why the raising which was to predominantly repay Chans debt didn't raise enough to completely repay it. For some reason they only wanted to raise enough to repay all except ~$150k. What would the motivation for that be?

So as stated above, all I cling to is that they have finally made gold sales and are actively seeking to increase production.