Ann: Race Oncology Share Purchase Plan Opens, page-303

Hey Slick,

Unpopular opinions will always be challenged when money is involved, right or wrong. I think you raise a very fair point about the board possibly exhausting the retail holders ability to raise funds should the need for another cap raise be needed.

I know personally it took some serious shuffling to be able to participate but I believe the chance to get all the SPP programs underway as soon as possible will drive value relative to my further outlay.

Which brings us to the clever part of this retail only SPP, IMO. How many more raises will Race need?

The $4.50 options expiring in May that stood to raise approx $31.5m, part of which the planned spend has been brought forward in this SPP, should be enough to keep Race’s planned activities going through to mid/late 2023. A lot of those options are held at the top end of the share holders list who have been limited to only $30k spend in this round. Im sure if they’re in the money, most of those options will be exercised. As for the smaller holders who have been able to play catch up this CR, our options holdings are negligible and most of us should be able to find the few dollars required for our limited entitlement.

If Race’s programs are successful I doubt there would ever need to be another raise past the $4.50 options exercise date. If the programs aren’t a win, I guess I’ll be off to the property market to try regain any capital losses.

Thanks for driving thought and discussion at any point, echo chambers do get boring.