Ann: Letters of Intent, page-21

I understand the frustration, I have seen companies try and raise funds with unhappy shareholders.
It ends up in a boycott of the CR. Although I think shareholders would have took the pain. It carried risk.
Its incredibility hard for them to do a CR for this current situation. If they tried to raise 5m and was boycotted.
We would be in a much worse position.

It was a minimal CR to bridge the gap to actually come to market with a detailed plan that is going to get support.
I would much prefer that than the company doing 2x CR in the space of a few months.
Especially 1x CR with no information and basically paying for CFO's mistakes for not replacing the funds used for buying 100% of the project.
If they replaced the funds, we wouldn't have this bridging raise.

Even with a successful 20mtpa BFS, we had short term cash flow issues caused by CFO's mismanagement.
Looking back we all knew cash flow was tight but all continued to follow the BFS. Thinking we would get funding pretty quickly.
I look at it as an expensive signal to learn from.
No matter how compelling the story is, without short term cash flow.
Going to have issues, and here we are.