It really depends on how much is needed to finish off the phase III and what a realistic royalty % is. If a realistic percentage is 20% and we needed 100m to finish off the trial, a raise of $100m @ 20c would blow the shares on issue out by more than double, making a raise actually worse of than accepting half of the royalty.
Whatever happens, it just needs to be in the best interests of shareholders.
Capital Raise, page-13
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