no capital raising. getting on with what they can, page-18

Hi Langdon, agree EVM are in breach of the JV and must go, but the shares issued to them/nominees (placement of 20M shares at 30c to raise $6M) was a fantastic deal for the company? It was at a premium to SP at the time. Wish the company could have raised much more at that price. Next raising looks like 5c!!
The directors afterwards got some options excercisable at 39c which will likely never be in the money so are worthless.The 20M shares issued in the placement were only about 6% of ZNC's 323M issued capital at the time so very little dilution.