notice of general meeting, page-8

Then that is some fairly poor management in terms of current holders, allowing it to get to this point.
Puts the current holders in a pretty tough position.
If they had the cash for drilling it should have started before all this became an problem.
At least that way you may get a share price spike on anticipation of results and can do a raising then.
This way we are looking at possibly 120M share dilution and the potential for another 15% after that.
It all hinges on whether the issue is done immediately after the GM and how they stage the results from the drilling.