I don't really think they were terribly desperate to raise money...

I don't really think they were terribly desperate to raise money Keyhole.

What, they had 1.4 mill remaining with 840k deficit, 1.7 quarters remaining.

Included some one off expenses.

With the subscription division bringing extra revenues ongoing, they could have strung through 2 or three more quarters.

However the sp was definitely diving with no chance of meeting the 6c options in July.

The share holders would have lost out on those options for sure, especially by slow going and having to save pennies until July.

I think the rights issue was a wee gift to the loyal share holders, a great boost to speed up the development process!

With the extra wee gift of options as the 6c ones would be unlikely to be in the money. (more chance now that the team is at full speed!)

As for Peak, they have been hanging around so got a good shot to put some cash in and also, to make sure it was a slam dunk!

Not to mention the new platform - being New - is never sure to be an instant success, like cashflow wise with some marketing spend!
It is probably looking alot more promising a couple of months on from when all this was planned - and blakegate now looking like ancient history
Onwards and upwards!!