Ann: Placement & Entitlement Issue to Raise $0.8M, page-18

The Underwriting Agreement provides that Hartleys will fully underwrite the Entitlement Issue up to 61,317,486 Shares.
(so even if no existing holders participate, Hartleys will take the lot and pass on to their clients).

In consideration for its engagement, Hartleys will receive an underwriting fee equal to 6% of the total amount raised under the Entitlement Issue (i.e. $36,790) and a lead manager fee equal to 6% of the total raised under the Placement ($12,000).

Hartleys will be reimbursed for out of pocket expenses reasonably incurred during its engagement.

Usual escape clause of indices collapse etc etc ...

Cheaper than a shell imo, company comes with gold and potash prospects. New holders can make one bag at 2c, old holders need to see between 30-60c to just break even ... and yes, the options are now fodder ...

One of the worst results for current holders.
Just my thoughts.