From ann. on 25-01 they currently have $3.7m in the bank and they are spending about $1.5m a month. If management believes they're about to find something they wouldn't be going for a cap raise which creates some concerns about the feasibility of their project in the medium term. I would believe that they will attempt to raise $5m+ through a SPP instead of a non-renounsable offer since they might want to rely in sophisticated investor instead of retail investors. I would believe that the placement will have a significant discout (maybe 20 to 25%) which could potentially set the sp price for the spp in the 3c mark potentially dilution of almost 40%. Not a big deal at the moment, but they're reducing the leg size for a potential run. Probably good investment option in the long run, at the moment hard to see and definitively not a day trader one.
Good luck
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