I don't usually bite on these threads (No offense...

I don't usually bite on these threads (No offense @IndexInvestor, more inclined to agree with @Beaza79), but I think you're really jumping the gun somewhat here. You seem to have put a lot of thought into what an arrangement with CoH is going to look like, in which case there are more fundamental questions that it would be interesting to get your take on as they will have a huge impact what any raise looks like (issue price, sweetener options, etc)... for example:
- Just how expensive is a collaboration with CoH going to be?
- How much money additional money do you think RAC are going to need to raise in the short term? (e.g. $10 million, $50 million, $100 million)
- Do you expect the agreement with CoH will comprise a huge up-front payment to CoH or a smaller up-front payment and regular on-going progress payments, or both?
- What is the basis for your your numbers?

Looking at the example that was touted earlier (IMU CF33), here's a couple of extracts from the announcement on 15 July 2019:

In this example, IMU were licensing CoH's IP for further development and commercialisation, and the terms look as though it was a relatively small up-front cash payment, an issue of shares, and the regular ongoing payments based on various milestones. In this example, IMU weren't bringing anything to the table but money, so the situation is not directly analogous to a prospective CoH/RAC collaboration.

You may be right that we are about to be hit with a huge CR, but I hope you are not. If RAC are not willing or able to get a cash injection through other means (e.g. a cardio-protection collaboration), I'd much rather see any CoH collaboration funded through share issues to CoH, ongoing milestone payments, etc. that at least allow us to get some runs on the board first (and hopefully a corresponding increase in share price) before launching into a massive CR at the current share price.