I think the Company is chewing it's own head off. Those not...

I think the Company is chewing it's own head off. Those not prepared to take any further risk are running for the door. You are on a collision course for a cash flow disaster:

1. No Reg Approvals means delays to sales and cash receipts
2. Cash is being spent at the rate of $5m per quarter; supposed to be covered by Sales
3. By the end of December you will be down to approx $10m in cash, but you were budgeting on having $15m in cash (placement + SPP) to be used as your deposit/equity toward the $35m Capex on Phase II.
4. By 31/03/2015 Cash on hand could be as little as $5m
5. The less Cash you have to contribute to Capex the less attractive BFS becomes to credit providers; Catch 22.
6. You will probably have to raise another $12m from the SOPs to make a BFS workable; 30c per share next time?

DYOR + GLTA