The sequence of events you're assuming may not be what happened...

The sequence of events you're assuming may not be what happened at@R08. You're assuming they went to the broker first to get the underwriting, but I've been told differently. The broker came to them wanting a private placement and instead they're using that value as the underwriting for the offer. If none of the other shareholders decide to take part, the effect is the same, but at least the opportunity has been given.

Given the current situation in global markets, if a broker comes to you and offers $1.5m at a time when the company has gone so far to cut costs it no longer has a head office, it is a brave board that says no.

I agree the brokers probably put their terms in that it had to be done before the DFS, and that their interest is purely to dump on any appreciation that comes from the DFS. The effect there is the same.

Its just a slightly different perspective on how we arrived here.

Cheers