So they have managed to raise $1.5 million at 6.5c (in two...

So they have managed to raise $1.5 million at 6.5c (in two tranches), but they owe Arena $2.6 million even by their own admission leaving them $1.1 million short. If your debts that are due are $2.6 million and you only have $1.5 million in the bank how are this not trading while insolvent?

They have managed to sell half of the graphite resource through the subsidiary for $3.5 million (smart investor here). How does this enable the pilot plant to be built?

I wonder if the new investor was told of the Arena debt demand?