Pods, $2.5m in cash is at the end of September. In addition to today's placement, you need to add- October rights issue (net $2.2m)
- $750k R&D rebate
- $400k Clearpier deferred consideration
Was today's placement required? Probably not as it is very small and pays for 2½ weeks expenses. The benefit is in the signalling. I'm assuming McConnell is in it to make money. He is also restoring 'confidence' to the share price, which hopefully propels the share price up to 10c or an undemanding market cap of $14m. The options then become in the money which the company might be able to rely on if people decide to convert early. In the meantime Omnicom MENA is out there using the product. If they are happy with it (and this i agree is a big IF) then they will probably roll it out across the bigger Omnicom regions or take us out.
