Rumour has it that Steve Carter has been doing the rounds over in Sydney trying get some desperately needed capital without much sucess. I think too many have been burnt in previous Colltech placements to dip their hands in their pockets again.
With no sales revenue, cash burn of about $700k per quarter, current sp of 1.5c and a market cap of about $2.5M, buyout would be a better proposition than giving current board and managers the money to feed off and waste!
capital raising
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