The DUMBEST accounting student would recommend a loan over such...

The DUMBEST accounting student would recommend a loan over such a diluting capital raising. Where is the CFO is all of this and maybe ASIC need to look at his part in this as well.

Alternative
Firstly get rid of the board who have acted negligently, conflict of interest, breaches of directors duties etc etc and POOR PERFORMANCE
With new directors and a new CFO organise a line of credit or other for continuing capital
With the new directors approach Squadron resources or another investor and arrange another con. note or other finance to cover note.
With new directors come up with a much more palatable capital raising. However with new honest directors it may not be necessary to raise that much as they will keep shareholders updated and the increase in share price may mean the raising is done at a much higher price.
All of above will give the share price a huge boost,
Just getting rid of Rodgers and a new board will probably double the share price
Also just imagine if Andrew Forest came on board or another high profile investor...another boost to share price
Just imagine when they organise a line of credit....another boost to the share price.

Instead of being at .4 cents we may get to 5 cents soon if we get rid of them.
This board have no intention of running a public company. Last year the share price was 2 cents and it will soon be .4 cent.Most directors would be so ashamed of their performance but not these guys.......... they don't care about the low price as it will be a private company if they have their way