This is a little sensationalist.- Based on their last quarterly,...

This is a little sensationalist.

- Based on their last quarterly, they had $3.9m in the bank as at end of Sept.
+ As you mentioned they are likely to receive $1.5m in net proceeds from the raise.
+ Some (albeit limited) shareholders may participate in the retail placement, but I’ve excluded to be conservative.
+ They have the working capital loan facility from NAB for $4m per the announcement in March. They also have $8m project debt for the local production of oat milk but haven’t included this here as largely irrelevant.
+ They just received $0.8m from Inga group for their investment into the German subsidiary.

Prior to FYQ2 spend, the company has roughly $10.2m (plus minor retail placement amount) of available liquidity.

A quick email to the company confirmed that they have spent circa $0.4m in OPEX in the German subsidiary so far. Extrapolating the spend from their last quarterly ($1.8m) plus the German OPEX ($0.4m plus rest of Dec), I wouldn’t be surprised if the company burns $2.5m this quarter.

I would say there’s likely to be another 3 quarters of liquidity available as at the end of Dec before accounting for any cash inflows from Germany / revenue growth in Aus.