Ann: Placement shares allotted & S708A Notice & Appendix 3B-BUD.AX, page-8

ok, checking the March quarterly, they had $13m in cash

so it does appear that they had $11m in cash before the CR, and now after the CR has completed they have $11 + $4.5m in cash

this wasn't obvious from the "letter to shareholders" announcement, apologies

also 1 billion shares is a lot, but not much can be done about it
market cap is $100m at 10c which could be considered expensive based on financials, or it could be considered cheap based on potential...

the only impact it has is making people realise the market cap grows by $10m for every 1c of share price appreciation, which means $100m for a 10c rise, and if anyone is expecting this to get to $1 share price, it would entail a $1b market cap

so set your retirement party $shareprice goals appropriately