patersons new report - 10.8c valuation, page-10

think the 15m was used to retire debt and working capital purposes

remember the company will be making a loss and be cashflow negative in the first half year

the problem now is the enormous supply of shares convertable from options at 5c, even at 5.5c almost everyone is +10% on those free options

once the sale of Cape is approved by shareholders i would expect some sort of return of excess cash to shareholders, the company has way too much cash now (including cash from option conversion)