Agree ando, although I'm personally speculating that this is the...

Agree ando, although I'm personally speculating that this is the last 6 months (and last working cap raise), but probably more from a probability perspective than anything lol. We can't keep making solid progress and not eventually get to the true pointy end at some stage!!

Cash burn for the last 3 quarters has been $1.7m (Mar 16), $1.7m (Jun 16) and $2.5m (Sep 16), averaging $2m per quarter for the year. With $4.7m on hand as at 30 Sep and say $2m operating costs in the Dec 16 quarter, funds at 31 Dec will be about $2.7m and we would pretty well run out of funds by 31 Mar 17. With another $4m in the bank, that would take us to around 30 Sep 17. With Gresham on board, ALL finance requirements would currently be getting heavily scrutinised by them and I would find it very odd if TNG were just sorting this 'working capital issue' out on their own... I think TNG are doing whatever Gresham advises now, and if that's the case, then pending some major hiccup in Gresham's plan, I think Gresham/management are expecting finance to be settled in the 2nd or 3rd quarter of 2017.

Any shortfall in the offer will be offered to institutional/sophisticated investors... I don't think they would go through the process of an unknown SPP if they weren't reasonably confident of the shortfall being taken up by someone. Fingers crossed SMS and/or the Brown's etc have indicated how much they will take up to (and it's not just the HK brokers).