IMO there is every reason to raise considerably more than $2 million - for a start there is US$800,000 provided by Stephen Forman as security to HSBC for its lending line to cover the Eagle Audio acquisition, plus another $500,000 loan by directors to maintain liquidity.
Whilst we aren't privy to all the requirements I can imagine additional funds will need to buiild AEM business, noting the substantial increase in hirings recently which also would involve increasing working stock.
Then there is the CVM roll-out which undoubtedly would be a significant item, including additional requirements for travel expenses.
Then there is the possibility of other acquisition opportunities referred to previously.
Without knowing the full requirements I'd imagine $10 million would be a reasonable expectation. I'd be shocked if the company sought to raise $2 million!
SMN Price at posting:
68.0¢ Sentiment: Hold Disclosure: Held
