Ann: Entitlement Offer and Placement, page-190

CMK, who knows where this will start, but only a staggeringly stupid market would value this at 10 cents and a MC of $13.5m. Geez, we have $4m in the bank, that alone can put us a long way ahead of many other companies currently churning through losses and on the brink of collapse.
I think 22 cents or a MC of $30m (pretty much where we left it) is fair value until more unfolds. You only need back to back quarterlies presenting strong revenue growth and a breakeven scenario shortly down the track and this will accelerate quickly.