Ann: Quarterly Activities Report, page-2

During the quarter, the Company undertook a fully underwritten rights issue at $0.002 per share (“Rights Issue”). The Company received valid acceptances of 164,354,560 new shares raising $328,709 during the quarter. The Rights Issue was underwritten by CPS Capital Group Pty Ltd, with a shortfall of 258,643,172 new shares placed by the underwriter raising $517,286. The Rights Issue raised $845,995 (before costs).
The Company continues to appraise new project opportunities both within Australia and overseas.
The Company looks forward to updating investors on new developments in the near future.

I smell smoke