Becoming a Matthew Walker Shell, page-64

thanks Doc. Agree that most likely scenario is a few months time.
With respect to cash on hand and future CR's, important to note that approval was obtained at AGM for the raising of $1,6m in addition to the $1,2m already raised. In other words, MW had approval to place 70 mil shares rather than just the 30 mil he chose to do.
It seems most logical that he raised just enough to allow the solid search for an acquisition while minimising the dilution of current shareholders (including himself of course). This preserves the capacity to release up to 40 mil shares in the future for the acquisition - but at a higher price than the $0.04 previously obtained. Fewer than the total 40 mil may thus need to be issued; less dilution and better for shareholders, and goes to show MW's personal interests in maximising value in this shell.