Very interesting announcement indeed!It says the raising is...

Very interesting announcement indeed!

It says the raising is partly to retire the related party debt, which I assume is PH's convertible note. From memory that note is over $1mln, earns 10% and convertible at 5c per share.

It also says that PH intends to participate in the raising to full extent at 2.7c per share.

What is suspicious is the timing of raising in February 2024. It appears that it won't be reflected in any of the yearly accounts.

To me it looks like this: The company will take confirmations of participation from other shareholders for example 1.5mln. Then PH will commit to participate to the valuable of his convertible note $1mln, but won't transfer the funds. Then they make an accounting entry cancelling the convertible note and issuing shares to PH for 2.7c each. No money changes hands between PH and company, and PH's convertible note effectively gets converted at 2.7c (raising price) instead of 5c (convertible note price). Noooice.... Not much cash will be injected in the company otherwise. PH will then do another convertible note until the placement capacity resets again at next November AGM.

Run