ano rights issue and cap raising, page-20

So why the rush to get $4.5m?

They've highlighted uses for $3m to further objectives, but at last cashflow, they already had $2.3m (and positive op cashflow). At the very least, doesn't seem to justify the placement.

The powder development seems risky - they only have proof of concept so far and powders have their challenges. The zirconia development seems further along, but they are not allocating enough funds this raising to take it commercial, although perhaps that's the unallocated part of the placement...

To me, any company that makes an announcement that causes the share price to fall 63% has managed things very badly - even if it is just in communicating the reality of their position to shareholders.

If they couldn't get a better funding deal than this, then perhaps they could have sold off one technology to fund development of the other or JV'd development or partnered with a potential client to cover development cost. Management SHOULD be about managing the company primarily for the benefit of existing shareholders. If the value wasn't there in what existing shareholders had, then management should have been conveying that to them a little earlier.

The complaints about lack of investment capital become self-fulfilling when those who have previously provided capital find themselves diluted at ever lower prices.