Ann: Prospectus for Rights Issue, page-7

No, you're wrong there. In the section above they state what the money is to be used for. It specifies:

1. 1.7 Purpose of the Offer
   The Directors intend to apply the proceeds from the Offer:
   1. (a) to complete the construction and commissioning of the Rocklands Group Copper Project;
   2. (b) to repay existing short-term shareholder loans; and
   3. (c) for working capital (including contingencies) for the business in order to see it through to positive cash flow.

So, they specify how much is to be used to pay off existing debt, and how much to complete the c & c.

Although, I suppose as they got the "repay existing short-term shareholders loans" amount completely wrong (it should have been $6.333m), anything could be true .....