Ann: Volt's Graphite Products Validated by End User Groups, page-83

That's a very broad summary of both positions.

However IMO, start with the quarterly cash position as at 30/09/2016 then add in receipts from option exercise less estimated outgoings to get to 31/12/2016. Volt will report the cash on hand for 31/12/2016 at the end of January, however we can guestimate this number now.

I'm going to assume cash is circa $3.5m as at 31/12/2016 and so with a similar budget of approx $2m the cash position would be circa $1.5m as at the end of March.

We are yet to see the budget for the BFS however if the company intends to fast track this program as they have stated then IMO there will be additional expenditure to record in the March quarter.

On that basis it would be reasonable to estimate a capital raising in March or April. All IMO of course.