I have read the entitlement offer that was at 2.5c.
It stated that funds could only be raised if the shortfall was less than 20m.
It was actually 28m.
I cant find anywhere that the shortfall was in fact taken up.
As per last Q, MRF had 300k left, with costs for next Q (now this Q) at circa $600k.
Assuming full entitlements were taken up, then MRF have $1.4m less $600k plus $300k =
Say $1.1m in cash left at end of June Q.
Assuming costs stay around that $5-600k per Q mark, MRF should have another 6 months worth of cash in hand.
Also read that a further $500k could be raised, but unsure if this happened or not?
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