In the CR announcement they advised that they still had $700k remaining from the previous Charley Creek CR.
44mil Options were converted in late Feb/early March
adds another $528k
Connecting the dots through announcements, annual and quarterly, they should have $2.5-$3mil in the bank inclusive of the latest raise.
They may be forecasting an increase in operating costs or if they are applying for a grant, usually there's a project plan, project deliverables and ratio (co-contribution amount)
e.g. for every $1 the ENV contributes to Charley Creek another $2 will be funded by the relevant government body.
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- Ann: $1.5M placement completed to advance Charley Creek project
Ann: $1.5M placement completed to advance Charley Creek project, page-217
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