My gut feel is that they'll roll the short term facility out and into a slightly larger long term facility. i.e. $1m off and ~$2-3m on. Maybe a small ~$1m placement. I'd be surprised if they go for much more than $2-3m net given that O3 is not committed yet. Success at O2 likely results in a share price re-rate of sorts and increased flexibility.
Ann: Termination of Keybridge relationship, page-23
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