Ann: Renounceable Rights Issue to Raise up to $6.2M, page-22

I know this is how it is and a few people don't like me reminding us of the pre consolidation price ... but the issue of 20,000,000 shares under this raise is the equivalent of 1 BILLION shares in the old money....to raise 6.2M bucks !! in a tough market. I hope
management don't suggest this raise is minimal/conservative because it is nothing but disastrous.
I assume this is to keep the lights on , because the last raise was shoring up the cash flow to see us through to the completion of the DFS ? which we don't have.
has anyone got a updated time line that I may have missed in recent announcements/discussions ?