Becoming a Matthew Walker Shell, page-25

Anyone have an idea why this capital raising was smaller than planned - just 30mil shares at 4c rather than the 70 mil they had shareholder approval for?
From the annual report and last quarterly, might be around 600K net deficit (borrowings and trade and payables) although this figure is pretty shaky. If so, then after the recent cap raise we might have around $600k for auqisition and running costs (admin costs now reduced to estimated $20k for the next quarter from the quarterly). they had wanted $500k max to fund investigating a new acquisition, so that fits.
Perhaps the plan is to raise the remaining 35mil shares of the approved placement at a higher price later to fund the acquisition?
At present we about 32 mil previous float plus the latest 30 mil for the CR. Thats 62mil shares on issue for mkt cap of 3.16mil with around $600k in cash. And don't forget Matthew Walker has control/controlled 14+30=44mil of the 62mil shares (or 71% of total float)!!!