No, No, No and No!

The old adage - if you have bad news, announce it after COB on a Friday.

Well, I thought CCO's first announcement this evening was good - Convertible Notes changed to Loan Notes. It seemed like the note holders were backing the company, but the way it looks now perhaps they were caught between a rock and a hard place. The company has NO MONEY with which to redeem the notes, should note holders want the cash instead of converting to shares.
Now us ordinary shareholders are caught between a rock and a hard place. Only volume of buyers are at $0.003 if we wish to sell out - which for most of us I would assume will be at a large loss, and the prospects of the company going forward are now looking terrible. Why?
Second announcement this evening. Supplementary Notice of EGM.

RESOLUTION 14 - Approval for the issue of additional shares to raise up to $3 million.
What? Where did that come from?
The company has just raised $1.5 million, WITH free options and at a price that has cruelled the on market share price. And now it wants an additional $3 million? But wait - there's more.

Explanatory Note 14.3 on pages 9 and 10:

Additional placement shares = $3,000,000 / issue price*

* the issue price will be at no more than a 25% discount to the volume weighted average price........

Well, with most of latest trades at $0.004 (and very few buyers even at $0.004), 25% of $0.004 = $0.001, So these additional placement shares will possibly go at $0.004 - $0.001 = $0.003. Now $3,000,000 / $0.003 = 1,000,000,000 that is, ONE BILLION additional shares!
I note in the table at the bottom of page 9 they have demonstrated scenarios for $0.002, $0.004 and $0.005, (check how dilutionary these will be) but not for the most likely scenario of $0.003. What, would providing one extra line in the table have killed them? One has to ask why the most likely scenario was omitted.

In any case, the company just raised $1.5 million. In my view it has to show some performance before I ratify the issue of any more shares.
Resolution 14 does not mention anything about free options. Why don't they also give away some free option and totally screw the long suffering (and up til now supportive) shareholder? I certainly won't be supportive any more. If I could get out, I would be out. But an illiquid market at $0.003 won't facilitate an exit that warrants anything.

So, to Resolution 14, I am going to vote NO, NO, NO and NO.