They did have to. They need the money. They should have tried to raise more to start with.
It was always a risk to go for so little in the last cap raise and bank on the arbitration. If the arbitration goes poorly they will have to ask for another handout again this year which is going to be closer to half a cent and will pretty much set them back another 5 years.
Ann: Phosphagenics Placement Secures A$1.37 million, page-9
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