well well well, page-6

It will need shareholder approval Mojo but 173m have already been issued and aren't subject to approval under the 15% rule, though ratification by shareholders will allow them to issue another 15% without approval also.

I reckon they are hoping shareholder apathy will mean many small holders won't bother opposing the capital raising in its current form.

If they had made the offer to all holders then it would be fair as everyone is free to decide to participate or not. The soph investors could have underwritten the issue and still done well out of it, but this is about an opportunistic grab for control prior to iron ore drilling taking place. Plus the added benefit of getting most of GPN's 40m YRR shares imo. No white knights here. If you do well out of any of the companies it will be pure coincidence. The newer players are well positioned but those that have held throughout the ordeal are likely to never get their money back.

As for ASIC, I lodged the complaint a few months back and received a letter stating they would look into it and let me know if it is worth investigation. Still waiting to hear back. Regardless I will continue to add to the report and send them a more upated version soon if warranted. There is one name in particular that I wish to draw attention to.