placement, page-26

Thanks, Aussie.

I'd figured there were four possibilities in the near term for the company:
1. Funding ongoing operations out of increasing positive operating cash flow (probably naive to consider this as an option on its own ...)
2. Joint venture
3. Capital raising
4. Be bought out

I didn't think 4 was a realistic option (although based more on feeling than on detailed analysis), and I thought I recalled seeing something in previous announcements re capital raising being something management wanted to avoid.

I can't say that I'd come to the conclusion that something beyond funding from operating cashflow was required (naive, as I said above) but, if I had, I think I would have guessed that a JV was the most likely option, based on my limited experience and company announcements.

I'm still puzzled as to how this capital raising was obvious ...