Ann: Trading Halt, page-11

If PACE doesn't come through, they might do a SPP with existing shareholders. Also, don't forget about the 15% rule.
I think it sensible for management to assume they've got a 50% of getting $4-8 million from SA government, and minimise dilution now. Also, with these government grants, they always about 'catalysing private sector funding for the benefit of the state economy'. If we have the full amount needed for JAWs in our bank account, the government review panel will say, "This is going ahead anyway, so they don't need government money. Next."
That's my experience with how these government departments think, and their selection criteria too.