Max Placement is 25% with SH Approval

The maximum placement the company can do with shareholder approval is 25% ( 15% + 10%). So they can only place 278m (1.152bn*.25) shares which at 1c would only raise $2.78m.
They need a SP of 2.6c to raise the $7.5m and they have a maximum of 3 months to do it ( 30 August 2017 is deadline).
Or they can without approval place 15% or seek approval via another meeting to get the extra 10%.
The C Note is really stuffing things up for the placement.

May humble advice for the board is to slash your salaries by 80% now and use those funds circa $700k (saving over six months) to buy back the outstanding notes NOW to remove the seller IMMEDIATELY and stabilise the SP.