Yeah I can imagine that they might have 5m from this years earnings + 5m in existing cash. This would still leave a shortfall of 15m. The main factor is the share price I guess - if the share price goes over 4.5c for example, then option conversion could provide some funding. Or if the price goes high enough, a cap raise sounds more plausible. I wouldn't like it if they did a cap raise for less than 5c though. Even at 5c it would still be about 50% dilution.
VOR Price at posting:
2.8¢ Sentiment: Buy Disclosure: Held