I find it extraordinary that the SP is above 1 cent given the company has debts of circa $20mill, no production and no major financing deal. I expect another placement around $100k is around the corner to try and keep it afloat, given the last placement of $120k would be almost gone IMHO.
The negotiations / discussions with other interested parties / partners has been going on for years, probably just a few small points to be ironed out.
DYOR My thoughts and ramblings only
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