Thanks for the prompt reply, I can now see where you are coming from which is a fairly justified all things given. Those capital raisings, although may have been necessary, did definately leave a bad taste after we had been promised "minimal dilution, but I guess my definition of minimal is different to others.
I agree that based on the cash burn and current delays it is well within the realm of possibility that there could be future dilution, however I think a fair bit would need to go wrong before that became a reality. At the risk of being captain obvious, I think the terms of finance we recieve this time around will tell us a lot about what the future holds in regards to Phase 2.
For the record though, in my opinion, if this project is managed correctly there is no reason we should see any further dilution especially if the future results for phase 2 live up to the hype.
