I think a large part of this latest announcement relates to a...

I think a large part of this latest announcement relates to a conflict with Bergen. For whatever reason it was Bergen who stymied the Platinum deal so that AYN could not rely on Platinum's funding of $25 mill . Perhaps Bergen doubted the Red Arrow prospects ( correctly ?...)

AYN therefore have to go back to market to get alternative funding via rights issue.

Bergen have now exchanged debt for shares with a view to sell or retain some influence. AYN now diluting Bergen's influence via rights issue &loyalty bonus if Bergen does not subscribe. Maybe they will find alternative supporter to take up Bergens share of rights issue.