4 new PCEs: 1.3mil75% spend on other 2 required items:...

4 new PCEs: 1.3mil
75% spend on other 2 required items: 900k
Total: $2.2mil

OR

6 New PCEs: 2mil
75% Spend on other 2 items: 900k
Total: $2.9mil

With the $2mil NAB facility available and $2.5 mil cash on hand, I’m still not seeing how this raise (at a discount) is beneficial to existing holders.

Take away the $800k in runway costs factored in, $4.2mil spend would still have been achievable with current cash and facility. Taking into account that there are still cash receipts incoming. I’m not an accountant or finance expert, but they could have funded their ‘plan’ without this cash grab and dilution.

To me, this simply doesn’t make logical sense. I thought these days were behind us, but seems clear that the board/management continue to look after themselves and their friends. As someone mentions, does retail get a look in or is it just for friends and family. These are the things that management need to be accountable for when trading publicly. They had every opportunity to raise at a premium in a healthy market, but they chose to reward their friends with an easy entry at a discounted price because they missed the boat.

Not everyone will share my frustrations, but I believe you should be entitled to the frustration. We research and invest based on our own thesis, mine was seeing an opportunity and getting in when the price was right. Such a shame that institutional/sophisticated investors can rock up when things are good and pick up scraps at the bottom whilst trying to look like they’re helping, they are not. These interested parties could have invested at market, the real demand for ECS shares would’ve seen the share price finally move out of this 2-2.5c channel we have been stuck in. But instead we give these scum the easiest and cheapest shares available for a year, in a nice healthy quantity.