capital raising - sinking ship, page-6

Thinking laterally - why is someone happy to invest $20 million in URL in return for scrip .Indeed it appears that it is a 36 month 'cash facility' with no obligation that the $20 million will be used, nor scrip issued in return for cash .....However, there is 40 million new shares issued at 1.9 cents in addition to the 'cash facility'
Market cap is already $22 million, and you have to wonder how much the placees already have bought .....