Before they had approx 10.3m FP x 60c = 6m mc. with a loan shark...

Before they had approx 10.3m FP x 60c = 6m mc. with a loan shark of a bridging finance.
And their solution to finance, is to issue 10x + 2x ops. = 12 x dilution.

113m FP x .029c = 3.3m mc. + 3m cash.

They also have 1.1m in debt, and fees cost of this issue CR 90k, leaves them with net 1.8m cash approx

They are burning 630k net per Quarter.
All said and done, post if they raise the full amount, will have another 2 Quarters left to burn, before needing to do it again.

Now the 3.87c options, could be in the money at some point, raising another 0.8m approx.

So there is only one question. What will they do, in the next 2Qs to get them into cash neutral ? / need to really shift the expenditures to a JV or cash injection by licencing etc.

If they cant do that, then they will need to raise again.
They have priced this raising at essentially a complete replacement of scrip, with a starting base of a Shell.
Question is, what does the market do ? price it same as before ? (given that cash flow / slow growth has not been solved) or does it price it higher. Noting only the 6m valuation before hand, on the same worry, that they were burning more than the growth raised.

While it is trading at 29c, imo it is going to get a violent dump towards that rights price post ex. date.
So if wasnt planning on taking up those rights, then i would not be hanging around until the ex date.
Simple math, at 29c, it is not worth 33m pro forma. That rug is going to get pulled very quickly to reprice it with the potential of the additional scrip, and concern if it is not taken up. What then. ?

I want to see the tech survive, but IMO the only way that can occur without a dilution spiral, is with a JV major to shift expenditure.

Not investment advice.