A capital raise at [2c] for arguments sake would be absolutely diabolical.
$2.1m raise assumed at 2c = 105m new shares to be issued.
According to ASX there are 215,720,915 current shares on issue. So this is c.50% dilution.
Assuming management/board take up 0 shares (no money to investor for arguments take) and 105m shares goes to a new insto that would mean management dilute themselves from current c.40% holding to 26-27% roughly.
This problem needs to be solved through a con note or debt or something else.
Ann: Update On Subsidiary - CleanTech Energy Pty Ltd, page-22
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