Ann: $16m Placement and $10m non-renounceable entitlement offer, page-27

Big discount to current SP and it's not even underwritten (by virtue of it not being disclosed as such). That's suggesting a very tough negotiation to even get this much money. $16m a certainty, the extra $10, will be a small uptake you'd expect.

Strong headwinds for the next few months methinks. And I suspect more shareholder tapping in the near future as well, once the debt package is finalised.

I suspect the notes will be converted and not repaid in 2025 imo.

I'll come back here in 3 months to see where things are at.