Radium would only take security over something of tangible value. Probably a first call on the actual R&D refund that is expected to come in Sept/Oct. They scale it back to 80% of the expected max. that a company could submit and charge a hefty 15% p.a. rate. That way they have bugger all exposure to a default by the company.
You are correct on1.5Q of cash though, and we are already 1mth into the first quarter.
Ann: Quarterly Activities Report and Appendix 4C, page-4
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