Looking at it: (Dec Quarter '17 financial report) Estimated...

Looking at it: (Dec Quarter '17 financial report)

Estimated spend for March Quarter '18 was A$2.7m
Available cash was A$3.496m as balance of A$2.496, making total cash A$6.413m, is tied up in refundable Block 9 Guarantee. So would leave us with only .796m after paying for March Quarter.

I would suggest the Board thought it too early to go back to shareholders for another CR so early after the last one.
Getting finance ain't easy and the lender obviously held all the cards in this arrangement, but:-
The 15% interest nevertheless, is only for 9 months loan period. So on a loan of A$2.5m it would amount to A$0.281250m leaving available cash from the loan of A$2.218,750. Add to that the remaining A$0.796 and that gives available funds of A$3.014,000. Basically, sufficient for this current quarter expenses provided expenditure is kept within previous quarter spends.

My view: This is a short term funding until they can secure an acceptable farm in of Block 9 which brings in a healthy wad of cash. Can it be inferred that the board expect a deal will be secured this quarter ? Hopefully, yes! For if it can't be, then the Board will obviously need to look at finance again for Sept. Quarter and onwards until they do get some longer term financing or cash in the bank.

Purcell, once again has put his money where his mouth is, but of course, he isn't about to do it for nothing. He has a lot of skin in the company already after the last fund raising. These options will give him even more skin in the game if and when he exercises them after they become vested.

So in summary, it is what it is, and we will all just have to hope they can secure the farm in (which includes a decent cash component) during this current quarter. All IMO so please DYOR.