The company currently has $71 MILLION in liabilities and there...

The company currently has $71 MILLION in liabilities and there is also the matter of $6Million to be raised in 6 weeks or the company may not be able to trade. This is apart from the 165million shares issued today..Interesting the big volume after this issue lol.

The below extract form June 14Th announcement is of importance here imho.

"The Company has engaged stock broker APP Securities Pty Ltd to advise and act for the Company to raise these funds.  It is expected that that the Company will raise some $6 million over the next six to eight weeks.  
This will include an initial fundraising by the issue of 165 million shares under the Company’s current share issue capacity expected to be finalised in the next week and a following options entitlement issue to all shareholders.   
The remaining fundraising will be subject to shareholder approvals and details are anticipated to be announced shortly upon release of a Notice of General Meeting to approve any necessary issue of securities.  The meeting is expected to be held late July 2016.
Although the Company has been successful in raising funds in the past, no absolute assurance can be given that the Company will be able to raise funds in the future. If the Company is unsuccessful in raising funds in the future, including the $6 million mentioned above, and there is no other viable alternative available to the Company at the time there is real doubt about whether the Company would be able to meet its ongoing obligations to creditors, working capital and project expenditure requirements.  In such circumstances, the Company would be required to consider whether it is able to continue as a going concern."