re: Ann: Placement of $500,000 / Proceeding w...
Had to happen, as was becoming apparent lots of commitments, not enough cash (before any IFE flo). Now we know some details.
Positives
* Sophisticated investors willing to put more in - (at a time when funding / sentiment low)
* 20c reasonable price given current SP weakness.
* Existing holders get to participate (yes sentiment here isn't great, but at least you get the offer)
* Option is well priced with 2 year expiry
Negatives
* Why raise now? Why not wait for the death adder results, and see if they lifted the price? Puts a question mark into that space. Are the results delayed, or not so good?
* Dilutes existing holders
Ann: Placement of $500,000 / Proceeding with Reno, page-2
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