That's only a small proprtion of their existing and upcoming...

That's only a small proprtion of their existing and upcoming problems. They cant sell the shares in IMI, as they are now collateral for the loan, they never serviced. The latest CR for $3mil, was also a non-event.

Renounceable Rights Issue
On 28 February 2024, the Company announced a pro-rata renounceable rights issue of one (1) New Share for every five (5) Ordinary Shares held at the Record Date Thursday, 7 March 2024 at an issue price of A$0.10per New Share to all eligible shareholders with a registered address in Australia and New Zealand. Additionally, for every two (2) New Shares issued, shareholders receive one (1) free attaching New Option. Each New Option is exercisable at A$0.25 per Ordinary Share and expires 18 months from the date of issue. This initiative was aimed to raise approximately A$3.3 million. The Rights Issue was managed by Lead Manager Mahe Capital Pty Ltd (ACN 634 087 684) (AFSL 517246) ("Mahe Capital").

On 22 March 2024, the Rights Issue closed, raising $580,760 (before costs). Under the offer, on 28 March 2024, the Company issued 5,807,600 new fully paid ordinary shares (Shares) and 2,903,788 New Options subject to rounding) exercisable at A$0.25 and expiring on 27 September 2025 (Options). The Options were listed on the ASX with the code “MIOO”. Additionally, Mahe Capital Pty Ltd received 580,000 Options under the same terms pursuant to the Lead Manager Mandate.The Directors in conjunction with the Lead Manager reserve the right to place the shortfall at their discretion within 3 months of the closing date, as described in the rights offer prospectus.

According to my calculator, thats a shortfall of 'approx' $2,719,240 so lets see how they place that. Shareholders have spoken.