Well they could have raised a month ago or two months ago .......

Well they could have raised a month ago or two months ago .... the cash draw in the quarter was only 0.4 million. They had US$ 3.2 million in cash plus the debt facility for US$ 1.4 million ... US$ 4.8 million in cash available, 6.5 million Aussie plus there are some receivables ..... the cash draw in quarter was A$ 525 k only. To me that to me does not look like lingering cash concerns ! They must be expecting things to be getting really bad if the clash flow concerns are the real reason for the placement.

The only possible positive scenario I can think of is that they are on the brink of a very large trial, hence the advertised new positions and that a condition of signing it is a certain level of financial strength but I can think of no reason why they would not explicitly say that. Instead they point to risk of some pressure on short terms cash flows ..... yes that is going to happen if you ramp up hiring without contracts to absorb them. Without an explanation, which they have not deemed to provide, my conclusion remains that the board and management need to take a good long look at themselves, their cost and their effectiveness.