He didn't sound like a guy who was close to a deal and the money will run out soon. So capital raise almost certain now.
I hope I'm wrong but it was not uplifting. I mean "keeping options open" always sounds weak the fact he doesn't get that make me think he is really no up to it. He could at least pick a direction and fail rather than sound like some unemployed guy.
He would be better off trying to take it to market then a large capital raise would sound bold and confident. Then if an offer comes along the strategy changes so what the SP would be higher and the share holders get more. This is how Kelly rolls and I think this is logical.
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