This is hard to follow, but I think they have $2m in the bank, enough to last a few months and chase more money.
Tranche 1 pulled in $7.8m (after fees), almost all of which was immediately paid to GOM for back payments and to support the heads of agreement to kick start the next phase.
They had about $1.8m in the bank (after Tranche 1) on March 31 to last until mid June.
The got another $2m after this secondary prospectus, essentially re-doing Tranche 2, meaning they have enough money to last until about last Sept, maybe mid-August.
In order to get the sats up without another CR (or other cash injection) they needed 90% of Tranche 2, or over $4m (approximately) to stay in. They still needed to chase financing to do the launch, but they would have enough to keep the sat build going and find financing for the launch. Now they need to find more money (a little over $2m, I think) to keep the lights on while they still chase money for the launch.
I think that's where it stands. I would appreciate someone reviewing the ASX releases (which I just did) to double check the story I just put forward.
DYOR.
SAS Price at posting:
2.8¢ Sentiment: Hold Disclosure: Held
