1.44m cash left at end of June. With outflows expected to be 4.2m in Sept qtr
3m from asset sale hit in July with another 3m in sept. Total end of sept is circa 3m including current cash and outflows but not including below payments.
Apparently all $6.7m in the rights issue will somehow find a home from “external investors”.... bringing total total to circa 10m.
Both deals require $20m in cash to be paid as equity component is deeply out of the money....something definitely not right. Even if all the cash comes in from the rights issue there is still not enough cash - $10m still short and even then no cash left to spare.
Currently based on commitments it’s insolvent.
TBH Price at posting:
8.0¢ Sentiment: Sell Disclosure: Not Held
