TDS, you are right, this is absolutely about control of the...

TDS, you are right, this is absolutely about control of the company and not about raising money. However by not taking up your rights you are doing exactly what they want, and for a price of $0.002 you have to look at the leverage opportunity.

If it helps, have a look at the AMX underwritten rights issue (with 15c attaching option when SP was around 6c)announced 20/1/2009 for an example of how a party effectively took control through an underwritten rights issue and current s/holders not taking up their rights. Each s/holder could have potentially made a return of >2500% if they took up their rights and held to the top of the market 14 months later.

Whilst CGV is is a very different kettle of fish to AMX in terms of exploration assets, these things do happen, and a $0.07 strike doesn't seem unreasonable to me.