Sobering though to realise that will mean another 40 % dilution,...

Sobering though to realise that will mean another 40 % dilution, that said it does provide ample funding to progress the IP, and which should appreciate the sp, also gives the company the advantage of leverage for it to negotiate the optimum outcome (no back up funding/no leverage) for a buy out.

Two years should bring this close to commercialisation, it most certainly should flush out a interested party in purchasing the company in that time. Do have a concern that one bidder will not provide the optimum outcome, whereas two or more (bidders) will be a far better scenario, competitive bids drive a price up.

Possible scenario of just the one bidder, with a insufficient offer, should see the company go it alone. That begs the question of how much further funding will be required down the track, with the resulting dilution.

Anyway just my humble reflections, all imo, gltah.