Otway Fishing Ltd ('Otway') is a non-listed company based in Port Lincoln in South Australia. The current Chairman of Otway is Adrian, a wealthy fisherman who founded the company several years ago. There are four other members of Adrian's family on Otway's board, and the company has several wealthy members who are mostly retired or semi-retired business owners. Otway is seeking to raise capital to purchase some new fishing boats, but Adrian and the other directors are not keen on listing on a financial market nor spending large amounts on legal and other expenses that would be involved in preparing a prospectus. Adrian requests your advice on how Otway might raise capital without preparing and lodging a prospectus with ASIC, and the possible consequences if the company exceeded the exceptions allowable under the Corporations Act fundraising requirements