Ann: MSB Draws US$15 Million From Existing Facility, page-31

Understand how some may be scratching their heads on why MSB would drawdown funds with so much cash in bank. The key distinction is that the bulk of the current cash is unencumbered (they can use it for whatever they want).

The Hercules funds are to be used specifically for RA commercialisation.

Picture this, 12 months down the track MSB have used up all its unencumbered cash reserves .. and are left with a Hercules facility that can only be drawn for RA commercilisation... that's right, cap raising ... even though we have a debt facility, which remains largely undrawn. That is what mangement will want to avoid.