Para 8.6.2 of Appendix 4C reveals the company is talking to new...

Para 8.6.2 of Appendix 4C reveals the company is talking to new equity investors.

Resolution 6 under AGM notice is seeking approval of an additional 10% placement capacity.

So looks like Board is gearing up for another capital raising.

This quarterly highlights it's taking longer and the units coming aren't enough to cover the ongoing cash burn in my view - hence more equity.

Running cash down to a quarter is just playing chicken with capital markets and erodes all pricing power. We've seen this before with previous highly dilutive and value destructive raisings. Never ends well.

Remember also that almost every shareholder is sitting on losses so the overhang resisting meaningfull price appreciation is significant.

Any meaningful new investor should just wait for the capital raising. Sadly stock price going nowhere in my view ...