They were always going to need more than $7 million to create...

They were always going to need more than $7 million to create the corporate equivalent of the metaverse.

The fact they commented regularly on "being fully funded" does seem interesting to me. Given the scope of what they planned to achieve it did seem a bit hopeful. Whether something positive has happened or opportunities have arisen since the writing of those announcements is pure speculation and only time will tell. A lot of people will be making their mind up about this company based on where this money is spent, which I'm sure they're also aware of. The directors still have large holdings so its also in their best interest to continue growing, and this capital spent wisely is going to aid that significantly.

Personally I see the extra $12 million in the bank as a positive. It opens up a lot more scope for potential acquisitions in the near future to further increase their presence in the metaverse/VR space.

I agree with all of the comments regarding the raise. Regarding the timing of it, the company doing the raise and other names that seem to be floating around. I will certainly be proceeding with caution as will a lot of others.

I remain confident, but certainly more cautious

Goodluck