May not be as bad as a straight capital raise. 1M convertible...

May not be as bad as a straight capital raise.

1M convertible notes issued at $1.
4M options exercisable at $0.25.

1 x 1 = 1
4 x 0.25 = 1
4 + 1 = 5
2 divided by 5 = 0.4

Average issue price is at $0.40 combined option and convertible note value.

This was expected with FIRB delay, cash is low hence debt facility and now cap raise.

An additional 5M shares is tolerable, its 2.1% of SOI. Minor dilution which is largely tied to SP raising above $0.40.

Based on the last qtr cash burn of 900K, this raise should keep us going for 6-9 months because as of last qtr we only had $770K in the bank.

May be enough time to realise FIRB approval, especially around Chinese New Year 2025!

See my prior post> 76242776