No news is....

... probably not good news.

There’s no news that either BNZ or OCBC are live. I understood that they were to both go live last quarter.

More importantly, there’s no news of the “strategic capital raise” that it sounded like they were hoping to secure by Oct 31.

They’re now paying a higher 12% interest plus fees on the bridging finance secured in October.

They had $1.2m readily available at 30/9, ($1.6 m - a $400k security over their lease) then got the $2.5m bridging finance couple of weeks later but drew down $500k straight away. 

That’s nearly 3 months ago 

They were burning $2m a quarter. I suspect they’re cutting costs like crazy. This is all in the Oct 31 report.

But they don’t have the RBC revenue now though.

Net result is that I suspect they’re running on fumes.

Maybe something or someone will rescue them at the last minute...

I’m surprised there have been no questions from the ASX about ongoing funding and viability.

DYOR