Ann: Quarterly Update and Appendix 4C, page-25

In my experience for smaller emerging companies when it appears there might be a risk the company needs to raise capital they almost always do so. If they have a house broker, the broker is incentivised to encourage the company to raise money in order to earn fees. Also the future is unknown with markets. Maybe in 3 or 6 months time the market environment is different which may compromise the ability to raise the amount of capital etc required or at the price envisaged. Also there may be other opportunities that management are aware of that the market isnt that requires further capital. Just speculating of course but I think a capital raise is likely.