Ann: Firebrick Raises $1 million via Placement, page-3

Thanks for your thoughts Teddyward.
A couple of points to note: It was a 25% discount to the 5-day and 10-day VWAP; that's what we needed to get this placement done quickly with no immediate overhang in the market to drive the price down. Also, there were no INSTOs involved; it was a targeted raise involving five members of the Firebrick senior management team and nine specific shareholders, including three medical doctors who are long-standing supporters of Nasodine and Firebrick.
As indicated in the ASX announcement, we needed these extra funds to cover the Phase 3 clinical costs while we wait for the R&D tax credit income expected in September. Without it, our cash outflows associated with the trial in Jun-Aug could have reduced our reserves to an uncomfortable level and potentially constrained our ability to fully fund other projects, like the AAT appeal. This small fundraising solves that problem and pushes our cash runway out to 12 months, which is good news.
If we want to do a more substantial raising in the future, we will definitely consider one that allows all shareholders to participate.
Regards
PM