The preso provides at least some insight into the raise. They...

The preso provides at least some insight into the raise.

They are down to 35m in cash as at March. With 20m to be paid in April as a debt repayment. First Q revenue is 75-85m that’s a record year if they keep that rate up.

So either they are burning cash in an operational ramp up to a circa 300m pa revenue run rate and need this raise to just go full on and order long lead time items such as the cannon with full confidence in future orders. Or this is just another value destroying cap raise. At the very least the company needs to show a future ability to fund growth by normal cash receipts when unencumbered by the soul patts debt. Im at least holding on to see if they can justify this cap raise through record revenue.