I think SAT is already completed based on this from 2 days ago.
My theory is this capital raising is targeted to US interested parties, Mike mentioned specifically on this in the 1st podcast,
'...we will be presenting that to our go-to-market partner, and some interested people in the investment community and building industry, 'in that community', what he didn't spelled out was I hope, a builder wants stake in this too. So that alludes me in believing this CR is a targeted placement to a large buider, who had seen the SAT in live action and now wants stake in.
And as to why FBR still hasn't announced SAT completion, reasons are very simple, SAT announcement will trigger the share price rise, make it hard to pitch to the funding partner, much easier to give them more shares at low prices for the same $$ injection, than to sell less shares at higher price for the same $$ injection.
This sounds controversial to existing shareholders like you and me, where we wish the raise was at higher price due to dilution issues, but management had to do what's best for the company in bigger picture. They can announce SAT completion whenever they want, it's within closed gate, no one will really know the exact timing.
Yep, SAT is done, and they have all vitnessed how awesome it is!
