Ann: Trading Halt, page-21

No chance in my view bene - company financial position is not related to MDA approval - but is a reason why we are running on empty.

On reflection the CR was earmarked when the investor presentation was released which as normal is why companies do such - at $ cost. And whilst November MDA was mentioned in their value addition chart - the timelines also stated finalize MDA in 2023 road map.
They - we need working capital to continue until MDA approval. They - management also advised us this when they stated - we continue to look at funding inside and outside the company.

Management have had to move with CR to secure 2 million at an opportune time given BT dry and no alternative - and possibly there are concerns around the R&D rebate of 320k not arriving this quarter as they also flagged - that leaves them very little and if they do not raise now then - oh dear. They clearly can not be assured of MDA timeline so they are going what appears early - but was clearly considered in their options when they spoke of funding internal or external.

2 million now - if accomplished - is a must. Let it go any longer and very, very precarious situation indeed - what if MDA is stalled until first quarter 2023? We would be in dire situation in trying to raise capital at what price? Not to say it will be however anything possible as we are used to. Anyway they have tried very hard with BT to avoid this early CR pre MDA situation but alas - 2 million soon - plus BT remaining dribs - plus R&D rebate when it does arrive gives them/us security to continue for 6 months.

Here comes 6-7c.