Thanks @LaraCroftFan - your comment about the announcement meaning an additional $291,000 of additional cash confirm how I now read these announcements. See my post on the project update thread - I think this draw down on the convertible note facility was the maximum they could draw down and stay under the 15% limit for issue of shares within 12 months.
They also drew down another $750,000 in May, so have a bit more than 45 days, but they will need to watch their spending to get to December.
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