RFR summary, page-30

It’s not what they want to do it’s what appetite the market has and the market won’t care what it listed at or raised at last time. It will look at the SP and sophs and funds will want a degree of safety to invest in a nano cap. That’s why the discount will be 15-25%, which puts it in the high 6s based on Friday’s close.

BUT, per my original post whoever gets the mandate for the raise will pump the SP and play some games before the raise. If they can pump it to high 8s or low 9s then that limits dilution. If they can pump it more, per your suggestion, even better. But as someone that has access to and regularly participates in placements I get put off by big pumps as I know the games that are played. I’d need some oppies to sweeten the deal which I think will happen with RFR.

I don’t disagree with your point about it being a buy though. At this market cap there is a bit of upside but there’s just too much uncertainty to invest now and I’m confident I’ll have access to the CR when it comes. I’m an interested observer for the moment though. GLTAH