Ann: $35M Capital Raise, page-42

To be fair, when Wayne said we were funded well into this year he was including the Mercer facility, which would have added another almost 2 quarters of cash reserves. Why that wasn't accessed, who knows. Mercer had the veto power as their stake in the company would have grown beyond the point needed to trigger that veto power so maybe they exercised it.

And yeah, this is a highly capital intensive business upfront. But the cash flow can be extremely attractive if it all goes correctly. Edwards nets around 26%.

My question is still why did this $35 million raise seemingly have to happen so quickly and whether the Yorkville facility is still on the table. One way or another, my projection has been that we'll eventually get to 25 million shares, and maybe a little more, fully diluted when we start selling valves and I see no reason to waver on that after what's happened this week.