12c raise for US$5 million is ~64 million shares = ~27% dilution. If this happens the entire management team needs to be sacked, tarred and feathered.
IMO if they need to get the listing done so we can get to fair value, then raise as little as possible, i.e. less than $1 million, tell the US investors to get stuffed, we have enough cash to scrape through for another 12 months. Project likely gets delayed but we wouldn't lose a third of the company for pocket change.
12c raise for US$5 million is ~64 million shares = ~27%...
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