Thanks - I was just about to post this.
Swings and roundabouts. I my humble opinion another pretty average deal. The quality of the investors has certainly improved. But the size of it - 23+M (including options) - is a bit disturbing. They snuck around the 10% rule by issuing options.
When you crunch the figures they have supplied - 85c is around a 10% discount to the current 95c. And very roughly equivalent to the price erosion caused by the size of the dilution. The exercise terms for the options will be interesting.
Obviosly the investors were not "amazed" by the imminent potential of "...48 signed evaluation contracts with customers ".
I think I personally would have preferred a bank loan form one of the Aussie banks - current commercial rates are around 3% pa.
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