My reading is that they have raised funds from Kazacos of $3m...

My reading is that they have raised funds from Kazacos of $3m since February.

And they will finalise the rights issue over next couple of weeks to raise an additional $1.25m.

The annual report previously stated the rights issue would raise funds to repay the original Kazacos $1.25m loan and the balance for working capital I think.

Presumably they now have their working capital from Kazacos and any if they can raise funds through a rights issue (big IF) then they will be used to repay Kazacos as was originally intended.

If I was Kazacos then I probably wouldn't go spending the money as taking a stab in the dark he will be funnelling it back into ANITTEL in about 6-8 weeks time judging by the cashflow bleed over recent months.

Answer to question as to why they are having to raise so much extra money - because the business cannot operate cashflow positively and they need cash injection to continue. Not the best business plan to pursue..........