how are the sales going?, page-3

I've been keeping an eye on this since the announcement, but not much sign of life as yet.

The main issue for me is the proposed $10M capital raising through the US investment outfit - Ardour Capital.

The cap raising was approved on Dec 30th 2009 and was to be completed within 3 months of that date.

So far there have been no firm commitments, and there is only a couple of weeks to go before the end of the three month period.

So the first concern is what happens if the raising is not successful.

The second issue is if they do find the funds, the new shares will be issued at 20% discount to the last 5 trading days. So not really much point in loading up now with discounted shares possibly coming on to the market.

Wonder why they didn't opt for a SPP. Is $10M too big an amount to raise from existing holders?