IVZ - General Discussion, page-1449

Agree, we will need more cash but the way I see it is we raised $15M from Instos mainly to fund flow test and order long leads, 3D given. The Entitlement will go some way to cover some extra but for drilling we will need a lot more.

The way I see it,

At the moment flow test is tentatively planned either late Q1 or early Q2, so before that we should ideally have or SM should be striving to get:

1. signed the elusive PPSA
2. get results back from samples
3. A corner stone investor or farm-in assuming 1 is done and results are good (throwing in oil, helium would be a bonus)
4. Potential to get pre-approval from banks in Africa on the basis of points 1-3 potentially.

This should translate to a SP re-rate before flow tests which is ideally when you would want to do a raise (just in case the flow rates underwhelm).
Better to err on the side of caution than make the mistake like MK2 and again fu$k the SP price momentum with an ill-timed raise.