Reichman--you have some valid questions.
It may help reading Peninsula Energy Ltd PEN --ASX announcment dated 28 AUG.2013.
I understood that they get shares in lieu of wages to help retain cash. Downside is dilution but so would a CR at these depressed prices.The company is between a 'rock and a hard place', at least and attempt to conserve precious cash is being implemented.
Perhaps the management do see light at the end of the tunnel--us share-holders would dearly love to see some too.!!
It's hard staying optimistic.
Good luck-----Cham
Reichman--you have some valid questions. It may help reading...
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