I have always wondered why Maria and the Board did not proceed...

I have always wondered why Maria and the Board did not proceed with the private placement of an additional $1mill alluded to in their announcement on 26 Nov 2009. If there were committed soph investors, I wonder why 10 months later LJC became the preferred provider.

"$3.63 MILLION CAPITAL RAISING COMPLETED
- Completed $3.63M capital raising via private placement
- 113.2M shares will be issued at 2.5 cents for a total of $2.83M
- 26.6M shares will be issued at 3 cents for a total of $800K
- Expressions of interest for additional $1M received"

IMO, the s/h's have paid a significant price for CDY's "stable source of funding". Surely Maria had enough background info on LJC to know they were renowned for profit taking only and in no way were interested in supporting the companies they "funded". IMO while LJC are involved, CDY's s/p will stagnate at these levels unless there is a positive announcement.

I will vote "NO" to the resolution.

PS:

I am confused as to the actual no of shares on issue.

Appendix 3B dated 6/4 lists 364,814,651 (incls 5,000,000)
Appendix 3B dated 14/4 lists 387,288,335 (incls 14,473,684)
Appendix 3B dated 10/6 lists 382,160,445 (incls. 9,345,794)

IMO the balance at 10/6 should be 396,634,129, a discrepancy of 14,473,684. Can anyone provide an explanation or is it simply human error?