In light of the massive spending that the company have done when they did not have much money and when they had to repay a $2.5m note is very strange and the only deduction that a reasonable person can make is that they wanted to do a capital raising as they wanted a bigger share of the company for themselves. Also they state they were unable to raise a loan.
Also you couldn't imagine a more suspicious and distasteful capital raising than this one. That was obviously the brief....make it as unattractive to existing shareholders as possible as they are now suspicious of our motives and we need to get rid of them
IMHO
CTL Price at posting:
0.9¢ Sentiment: None Disclosure: Held
(20min delay)
