Ann: Operational and fundraising update-CL8.AX, page-16

"Details of the material terms of the funding will be provided to the market if a binding agreement can be completed with the investor. Collaborate has also been approached by additional investors and the Board is considering a number of these proposals as alternatives for longer term funding."

So in easy to understand terms their is 3 deals at play, Institutional investor who is dragging feet and a minimum of 2 additional approaches. I'd say CL8 are looking for about $1.0m plus $0.5m loan to really ramp up.
Its nice to have options, plus the announcement is clearly pointed to them to put your best deal forward. Once secured those options will be converted pretty rapidly which will add another additional financial stream of $3.3m.

GO CL8