The Funding Paradigm., page-13

asx11, to some degree I agree with you. If we had
to raise $100M @ $1.00, nobody would be too
upset. If we had to raise $100M @.20 the
company would not survive, according to most
here. Now present shareholders, if they received
an entitlement on equal terms to instos, would be
outlaying the same amount of money to finance
012, if they have the readies.

My preferred option (if it could be managed from
such a poor bargaining position), would be an
equity partner to be issued say 200M shares at
.20 to raise approx $40M, which would give that
entity approx. one third equity in the company.
Perhaps, considering the blockbuster potential,
an entity such as the Lang Walker family would
be interested at a premium for such a large %
holding. They have a history of taking equity
in Aussie startup biotechs. This would give
PAR considerable breathing space to commence
012 and arrange the remaining finance from
shareholders on much better terms for the
company, with the backing of the equity partner.
I discussed this scenario with Simon last week
and he did not rule it out as an option.