This does not make any sense to me? They say the conversion...

This does not make any sense to me?

They say the conversion price is .038c

But for $2.5mil they issued 90,672,814 shares.

$2,500,000 ÷ 90,672,814 = 0.02757c ........so, issue price well under the .038c stated

But! They also paid $500,000 to have the shares converted at "0.038c"...what!
So effectively....

$2,000,000 ÷ 90,672,814 = 0.022c conversion price

Is this just another typical case of super dodgy ASX specie practice?
Hoping on the dumbness of shareholders to BS their way through?

Sentiment: trade