Yeah I shouldn't have used the term rights issue my comment was...

Yeah I shouldn't have used the term rights issue my comment was about placement capacity for reduction of liabilities. The rights issue wasn't declared when I commented, my figures were just scenarios for 15% placement capacity under listing rule 7.1 re placement as payment for services without needing shareholder approval.
That issue was later put to bed with the following ann re proposal to pay the MD which will require SH approval at the same premium, touché.
I was pretty much questioning how much liabilities they could reduce without requiring share holder approval.
You may need to add those shares for the MD to the overall SOI if approved? I estimated this to be 16,113,460 shares "at the 42% premium of course" for $806,673.

By my calculations current SOI 267,023,624 @ MC 9.345M = 3.5c SP
if successful rights issue & placements results occur the SOI could potentially be 410,701,307 @ MC 9.345M (current MC) would equate to 2.2c SP (53% Dilution).
IF the company gets to 410,701,307 shares and the SP is 3.5c the MC would be over 14m. Something to ponder!
Relationship with JV partner still under a cloud as all this CR activity yet no mention of paying exploration costs to MCT.
Won't be over subscribed by the looks.