This really is gold/coal.Cityview announces it intends to raise...

This really is gold/coal.

Cityview announces it intends to raise 980 million shares to "repay project loan facilities".

ASIC intervenes and puts in place a determination to restrict Cityview's ability to raise capital.

Cityview responds by putting together a prospectus to raise 27.7% of the total value of the company to :

- put together the prospectus (only needed because of the ASIC determination)
- pay legal costs to appeal the ASIC determination
- pay themselves

And after all that they don't need to raise the original 1 billion shares because they can use part of the $40.7million that had been completely written off in the books to fund the new project instead.