I a guessing they were waiting for this outcome before pulling the CR trigger.
$7m bank balance at 31 March 2019 with a budgeted $12m spend to 30 June (per the quarterly) doesnt leave any room to move in June.
My guess is they will raise between $10m-$15m by the end of May. They need $5m just to keep the lights on at 1 July, 9nce the $5m payment to CBA goes through, so will need some additional cash above that to keep going after 1 July.
Ann: FY18 R&D Update, page-2
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