Even with $880k in the bank and $450k from Bergen they are still $1.3mil short for the quarter. They also need to find $1.6mil to pay Bergen.
They don't need to find $1.6 m for Bergen.
The placement was for $2.05 m. They then entered into a funding agreement with Bergen so the $1.6 m has already gone out. The $450,000 is the nett result.
Ann: High Grade Drilling Results at Portia, page-5
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