Ann: Non-Renounceable Rights Issue, page-2

It seems the only winner from the rights issue will be the underwriter that gets cheap stock, which conveniently includes Ernst. This does not strike me as a capital raising which is designed to advance the Company's projects.

The last placement was done at 11c - gold at the time was ~A$1,550
Here we are 9 months later issuing stock at 4c - gold is still ~A$1,500

I will watch with interest to see if the money Ernst puts in at 4c will ultimately be used to pay out some of his accrued salary (~$700,000). That would be a good way to receive his salary and get some cheap shares now wouldn't it...