Baron,Great questions you have asked. If only all share holders...

Baron,
Great questions you have asked. If only all share holders were as smart and perceptive as you. You sound exasperated and at a loss of how bad this company is behaving.

This capital raising is to sell shares to retail mums and dads at a significantly over valued share price, to therefore minimise dilution to existing holders and keep kicking the can down the road of whenever this company will ever be profitable. With the capital markets window looking more closed than open, dozens of companies over the previous six weeks have opportunistically raised capital at high share prices, only to trade down 50% to 30% below the raise price afterwards.

Indeed, this capital raise is yet another example of management having zero idea of what they are doing. Last weeks example of missing commercial milestone of Nvidia GeForce, delaying this for the best part of six months, is hugely worrying. The servers are physicaly delivered, and theres even the software interface, so you have to ask yourself what is the real hold up? There has been so much hype built on this cloud gaming, yet the company has failed to deliver on its own deadlines and many false promises thus far.
Shareholders will be starting to heavily question the credibility of all involved.

for the record, the $20m raise at 72c is to be spent $6m wireless network, $3m 5g spectrum, $5m Cloud Game, $4m .GG gaming failure, $2m working capital. Absolute barbecue of capital...