IMO there are serveral reasons for this raise. (From what we...

IMO there are serveral reasons for this raise. (From what we actually know)

1. Brings net debt down to around $12m after initial drawdown.

2. Ensures they have working capital for "material partnerships" without neglecting the rest of the business.

3. Ensures that they CAN draw down on the new facility further if and when needed. (Increases the odds that covenants are maintained exponentially)

4. Provides greater probability of con note principle payments in cash.

5. Issues options at JGB conversion level.

6. It's ~15% dilution. We can afford it. Greed here, at the cost of FY17 earnings is not what we want.

7. Post raise we are trading ~3.5x EBITDA and net debt is greatly reduced.