bit of reading...between the lines, page-8

'So what if there are 3 billion shares on issue? Better liquidity than not.'

seriously?

so on that logic if ESI issues another 5 billion shares @ half a cent the SP will go up from its current 2c, right?

with all that valuable extra 'liquidity' and all?

sorry mate, that's just plain wrong.

any experienced investor will tell you that a junior asx company that gets so dependent on convertible notes and huge half a cent placements that it ends up with more than 3 billion shares/ops on issue has a serious issue to resolve.

invariably companies that get into this kind of mess with their register due to super low price placements or way too many convertible note plays have to stage a capital reduction.

and they are almost always a disaster for the holders of these kind of companies.