I suspect this is cash flow related. Looking back at the annual...

I suspect this is cash flow related. Looking back at the annual report, on June 30 they had $1.723m in the bank and I imagine a lot of that is now gone, especially with no receipt of the government grant funding yet. Perhaps they were hoping in the interim the royalty deal or an offtake would come to fruition but had this working in the background in case it was stalled. The director's loan being extended also points to this being the case.

I guess we'll have to wait for the details of the raise, hopefully it's not significantly below current price. My hope is it's to an institutional investor/broker who will then push this company out to clients so we have more coverage that brings more volume traded instead of the dribs and drabs with $20k moving the share price 20%.