Ann: $1.95million Fully Underwritten Rights Issue, page-4

This is a "keep the company alive" raise, not the raise needed to get the Phase 2 done. There will be the need for a raise in 6 months to fund the PEACH trial assuming the Phase 1 goes well.

I have to say I find the raise structure interesting - don't know where I have seen this before

One thing I am not happy to see is a capital raise structure the excludes ILA's largest and third largest shareholders (nearly 40%). That takes out quite a bit of the max potential of this raise. If BG can't buy in the raise he can at least buy on market top support the raise.

I would like to see stronger wording as to director participation in the raise - are they going to take up their full allocation or just some of it? I am not a fan of ambiguity in this situation.