It is a possibility that the company asked someone(someone close to management)to convert just for operating funds.
190k was spent in the past quarter according to the 4c released at the end of July.
In that 4c it says 15k(cash on hand) and 1.1m(deposits at call)
The 4c before that they spent 165k and had 33k(on hand) and 1.275m(deposits)
The placement and spp will raise 800k
The closing date for the spp is 30th August and today is the 17th.
So they won't have any cash from spp or really be able to use it until September incase something goes wrong and those monies have to be repayed to investors.
I honestly think its just working capital needs.
ECQ Price at posting:
1.8¢ Sentiment: Hold Disclosure: Held
