what a farce

ASIC busts them for having too much cash in the bank account and for not spending/investing it and then LUM raises $270k while LUM still have $1.5mill in the bank account.

Even better than that, LUM does it at 0.6c with a free oppie with one of their mates, Cunningham Securities. LUM does a quarterly report and gives no indication of a placement occuring, the need for further funds or any potential investment opportunities.

This seriously smells bad. I think I know the reason why Ingram has made this placement, however at this stage I'm not prepared to suggest why in this public forum.