Ann: Response to ASX Appendix 5B Query, page-9

I would assume that management was of the belief that they could raise at a better price than 40c. Remember, the last capital raise was conducted for the purpose of purchasing the battery manufacturing equipment and also for buying a stake in C4V. If I recall correctly it took around a month to finalise that CR, so perhaps they were unable to raise more than $5m at 40c at that time, I’m not sure.