I do not even know what to sayThey traded a good share of equity in the company for barely enough money to drill and test one well at Forty mile.
You cannot sell more and more shares at lower and lower price. You destroy your shareholders, give the company to new owners of ultracheap shares who can manipulate you forever, and you don't raise enough money to accomplish much.
Oh it has happened before. I did not sell any. In fact I bought a few more at 6 US cents. No sense selling my high price shares and I might as well be one of the proud new owners (like Millie) of the ultracheaps.
This strategy (more and more shares at lower and lower prices) might work out, but I have never seen it happen in my 40 years of investing. Pretty inexcusable (IMO) unless they had no other way to avoid eventual BK.