Ann: Quarterly Activities Report & Placement Announcement/App 4C, page-42

Having seen a failed cap raise in another investment, its also not a shoo-in that the SPP will be a success when a) the market price can drop below the raise price, and b) this coincides with loss of faith in management by retail. Makes the decision to go for $5m only from sophs a little more concerning if they they had just assumed the SPP would cover remaining needed operational cash.

Not to cross-pollinate, but 3DP holders will know what i mean, they got about $200k from an SPP aiming to raise (i think, memory not great) about $1.6m.

Probably a small risk, but it is there nonetheless.