Guess the next CR date competition, page-19

For what’s it’s worth here my thoughts:

Mgmt needed funds for various trials in 2023-24 so they did a SPP in 2021. Having the funds have them the immediate cash for the trials and also confidence/ visibility for a few quarters.

If the mgmt needed to raise funds in next 2 years they wouldn’t sit on cash today which they have clearly stated as not wanting to run a treasury. Hence the BB (in part, I come to it below).

I think mgmt expects substantial R&D refunds every year based on their spends in Australia which keep refilling the tank (like a hybrid car charges from the fuel burn).

Mgmt likely has a verbal or written deal which is getting formalised and likely contingent on certain trial/ research progress. Could it be possible that such funding/ partnership funds may be contingent on BG leaving the register and given BG has about 1.3Mn shares he may be gone in a year?

All this probably gives mgmt the confidence of funding availability through to transaction without a need for CR? Hence they are using the SPP funds for BB to support the SP and in the process flush out BG?

If it came to really needing funds to survive or a last bit of trials (some time in 2024) could the mgmt do another SPP round which may be less dilutive than raising from external sources (and not partnering with BP too early and giving away IP).

All are my guesses. No advice.