I get where you are coming from, and you've probably been holding this a long time and are deep in the red like pretty much any long term holder.
But I don't see this as massive dilution - or a huge negative. On the contrary , a small raise to have some cash in the bank instead of the negative $500k they have had for the last year or so.
They could have slaughtered it from here with a huge raise to mates at 0.001 , but the reality of this dilution is the market cap has gone from $1.06 million to $1.34 million - still plenty of upside.
Now they actually have some money to get due diligence done on any projects they have been looking at and pay some of the money owing to the ex - chairman.
What I really want to know is, who got the shares? Will we see a substantial holder notice when they are issued with an interesting name on it? Time will tell, one thing though I just wish the oppie conversion was a bit higher than 0.003 in 2020, but the reality is that is worth $30k at today's prices so not a huge cost to assist with the raising.
