KEY 0.00% 0.1¢ key petroleum limited

What is going on?????KEY have 454,509,417 fully paid shares...

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    What is going on?????
    KEY have 454,509,417 fully paid shares issued so how in hell can they place 112,918,003 shares at $0.013 when 90,447,307 shares consitute 19.9% of the company's fully paid securities.
    That neccessitates a takeover announcement otherwise they are in breach of the company's act???
    Please explain Management!!!
 
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