Yeah, that is likely a precursor for referring the matter to...

Yeah, that is likely a precursor for referring the matter to ASIC.

If that placement is the real deal, then yes it's very likely getting pulled. I reckon there are still questions to be answered on the provenance of that cash flow - it's possibly just money coming in from an existing related party propping the balance sheet up (something that seems more likely now we know the situation with the SX production). If that turns out to be the case, the whole '12 Cent' thing was just window dressing to pump the share price.

There are a few different scenarios, but most outcomes look bleak to me.