OK, cynic in me says they had to make an offer for two reasons1)...

OK, cynic in me says they had to make an offer for two reasons

1) THey clearly need the cash to progress anything other than admin and MB salary this year, the $500k would hardly cover that

2) By issuing so many new shares (around 50% more of total issued capital to date?) they increase the amount of shares they can issue next year without shareholder approval.

Good luck getting this across the line next month. Shareholders kind of have to approve it though as the alternative is the end.

If the SP holds above 0.67 cents before the cap raising it will be a friggin miracle.