Who said its a closed raise ??
Nothings adding up here .
They should have 10-15 million with the debt facility so why not use that ?
If they are close to a deal then why not wait and release news , get the price up and then raise ? they cant be running out of cash as the debt facility could easily see them through another year , they should have a deal within a few months at the latest , or else they havent got shit and cant get funding or offtakes .
The only thing i can think of is its a cornerstone coming on board , but i highly doubt it as i think someone posted part of the term sheet , " raise at 3.3 " if thats legit .
Ann: Trading Halt, page-40
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