"For the offer of up to 31,700,000 Shares at an issue price of...

"For the offer of up to 31,700,000 Shares at an issue price of $0.022 per Placement Share to investors, some of which are known to the Company and invited by the Company to apply for shares under this Prospectus to raise up to $697,400"

So looks like a placement to mates - however, they obviously don't even have very rich mates, as they have had to issue a prospectus.

(a prospectus is required when raising funds from non-sophisticated retail investors - if it was a normal placement to sophs and profs then the placement would now be done, and they could be getting on with business)