At 30 September COB had $5.8m cash and spent $2.9m in previous...

At 30 September COB had $5.8m cash and spent $2.9m in previous quarter, so had 2 quarters of funding available at that rate (so insolvent by end of March 25 at that rate). Institutions put in $5m in April at 11.5 cps but appear to have had no appetite to underwrite current offer at 7.2 cps.As might be expected without an underwriter, share price has collapsed to below the cap raise price.

With people able to buy below 7.2 cents if they want, what inventive is there to buy into the cap raise?

So with COB seeking $6m, what if they only get say $1m? Company is already cash constrained and will run out of cash sooner than later.Are we looking at another cap raise at 3 cents early / mid next year?

Hope I have missed something with the above musings