re: pre-open, placement $5.35
The info is that they are raising $20 mill., about 3.8 mill. shares say, not a large quantity.
They had $15 mill. cash on 31 March. That would have got them a fair distance but their commitments could be greater than that. That would leave a negative gap till that time that their earnings come in. So, that had to be covered.
They may perhaps feel that they need some of the cash in the lab trials and possibly later on for Phase I, H.pylori.
This would be positive of course but we need confirmation of that at some stage.
Just my opinion,
Gerry Quite possibly they were ready to make a placement at a higher price but got interrupted by that strong retrace.
CMQ Price at posting:
0.0¢ Sentiment: None Disclosure: Held
