News: PHK Phoslock Water Solutions seeks trading halt, page-12

I suspect the capital raising is to help with capacity to fill coming contracts. It's not for debt. That was demonstrated by the conversion note business and commitment to pay down the rest with company cash. Effectively we're debt free. I don't think management could have left a clearer trail of shiny stones for us to follow. Convert debt to shares (putting more money where their mouth is). Announcing China agreement, starting work immediately. Now announcing a capital raising. The shiny stones are leading in a positive direction...