Yeah I tend to agree that they think they have enough now to get into production now.
You could say that if they needed $9m this year why didn't they do it in one go but they got $6m at $0.80 and now $3m at $0.85 - higher prices issued, less dilution.
Just roughly:
Dec 10 - raised $6m
Feb 11 - raised $11m
Jan 12 - raised $6m
Feb 12 - raised $3m
Total $26m
Add in the options of up to $11m and they must be pretty close.
Regards,
W.
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