Cashed up

Looks like something big may be in play here.

with the recent capital raise to sophisticated investors ($1.25m raised) & SPP for retail holders ($120,000 raised) coming to a total of $1.37m extra in the bank.

On the 12th of April, according to the quarterly release, the company had over $1m in the bank (as of March 31st this year).

Following this quarterly, the company raised $270,000 to 4 sophisticated investors on the 16th of May.

We can reasonably assume that, although the company has both significantly reduced & realigned its spending (see business activity update on June 22nd) which would see it spending significantly less then the $1m per quarter it was going through, the company has WELL OVER $1.7m $$$$ in the bank.

$1.37m (recently raised) + $270k (raised in May) + $1m (as per end of March) = $2.64m
Minus the past quarterly expenditure (less than previous) leaves the company at around $1.7m in cash.

With 272m shares on issue
$2.72m MC @ 1 cent
With $1.7m cash in the bank

The board has been involved in RTO type stuff before, with Whitton having been involved with the TPP transaction that I saw another poster highlighted went from a market capitalisation of $5m to $60m.

The next few weeks will be interesting to see what comes out of this.