I see it as a pump to try get those options (up to $11.5m) into...

I see it as a pump to try get those options (up to $11.5m) into the money - even if they claim otherwise - rather than raise capital.

Burn rate is about $2.5-3m...so by the end of March, assuming ~$3m in receipts for this quarter, they should still have $7m in cash...plus a $5m debt facility. As someone posted elsewhere, first quarter has historically been their best performer, so it could be a slightly better position if this trend continues but I have my reservations as well