From the announcements and webinars, they are actually raising...

From the announcements and webinars, they are actually raising capital to buy Gelpell manufacturing equipment, not to "finish off this stage". They are also using it to commence registration of OTC products. It sounds to me as if they have a $50M loan facility to finish the stage at this point.

If you're concerned about the amount of equipment they are buying (not sure how you would possibly have oversight on this) maybe you should send an email? How do you know what equipment they do and don't have the option to purchase as part of the first stage of delivery? I don't recall mention of equipment being purchased in advance of the next stages or any mention of equipment sitting idle for any length of time... where are you getting this information?

They seemed confident with their program in the webinars - have you taken a look? There certainly could be some continued works next year, we will wait and see I suppose, management have not being accurate with predictions to date, but I assume they would be monitoring their program closely after the Covid delays.