If what you say is correct then I will revise my prediction down. CR much sooner than I'd hoped. Maybe they want to build a successful company but not necessarily create shareholder wealth as they are sure to dilute us.
I probably would have went a low key launch for Ver1 followed by a major, expensive launch for Ver2, quickly followed by a rights issue. Now it seems like a cr at discount to 0.4c which is disappointing.