Ann: Capital Raise Investor Presentation, page-10

It is so far on low volume, I expect when a few ppl get their rights paperwork they will sell 1/3 of their existing holding to fund their rights (assuming its above say $1.65 otherwise barely worth the effort).

This will put some ST pressure on the stock.

While the theoretical ex rights price is $1.75 - that doesn't capture the low sales from the Qtr and longer runway I feel we have to profitability (basically need to relaunch Ned again because of the false start - poor inventory management).

Ultimately, the IPO came about I think as they realised they were short on capital to lay down the whisky the needed to have a growing revenue stream, so it got flogged off, now they have tapped the market for the second round of capital..

Dissapointing, but I do ultimately agree with you that it will go up (but i think we will see a bit of ST pressure until the CR is cleared).

Hopefully some good avertising and sales into christmas and a good Dec quarterly, so some good news come January 2022.

Lark was mentioned earlier, diclosure, I hold Lark- but just drawing the distinction to the issues Lark has had (shortage of maturing Whisky) - is similar to TSI (Lark has obtained 3rd party product to fill the gaps in its sales trajectory and acquired another distillery).... I find it a bit strange that TSI has been third party packaging when they didnt have enough to satisfy their own demand... Maybe contracted... Maybe its not Whisky im not sure... Begs the question, who was responsible for inventory management...

Seems to me they realised they were IPO'ing and pulled the peddle off laying down more product for 6 months to conserve cash until the IPO got away...

Anyway, broken record here, just a speed bump...