Another way of looking at it is that we should have enough to last until end of the year. Either we will have hit the milestones and investors will be happy to tip in cash + convert options or we won't.
I'd sat there is significant belief that the milestones will be reached or they would be crazy to provide 35m.
I think the sophisticated investors will be making sure that the bonus incentives for next year are contingent on demonstrated success. Would love to know what they are and how they are set!
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-15
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