If they are applying for grants why would they would be raising money?
One of the claims in applying for grants is that raising equity is difficult under the circumstances.
Sit back and have faith.
$11m cash + profits + with grants + sweet loan, will probably get us there (building US plants) without a requirement of a capital raising.
Raising equity, if required, would not be announced (if at all) until feasibility study complete and certainly after grants granted. By then SP will probably >$3.
ie8
$1.30 gone !!, page-40
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