Oh dear. Pinnacle did pull out.
On the plus side they have allocated $550k and have $660k that they can issue shares for.
It now looks like the deal announcement, the Q&A and dusting Shane off and wheeling him out to us here was not for the benefit of Pinnacle, but for us!
$466k at end of quarter
$550k raised
$70k 'ordinary revenue'
$125k from Spark (complete speculation)
Is a total of $1.21m
Less projected outflows of $874k leaves...
$337k in the kitty at the end of December.
Having one month of expenditure at the end of a raise is simply 'not well capitalised moving forward'. Gyro, I'd love to know the exact quote of Pauls regarding that.
PO is going to have to pull something out of the hat to place the remaining 55% of the raise.
Gee I hope they've slashed their costs. This company is on the brink otherwise. Not sure how much small investors have to keep propping it up.
