The remaining $7m, page-3

robbo, I agree with grantaxl's sentiment, but I'll add some quick points:

* we only know what indicatives are out there. We don't know what they are actually discussing behind the scenes, which are likely to be better than the indicatives, if possible. Bear in mind that management and family/friends control a lot of the business (somewhere up to 1/3), so they are personally incentivised to keep dilution minimal, if at all. I would not be surprised to find a 100% finance deal done, with potentially a small CR for a bit of working capital (although in a best case scenario, that working capital will also be factored in).

* having a small amount required to be raised for finance gives the company the opportunity of finding a cornerstone investor at a premium to the current sp. With unconditional finance approval and committed buyers, the value proposition for investors becomes markedly different to now (where the finance is still an uncertainty). So, in that event, once finance is approved, if only a small amount needs to be raised, it will likely be at a significant premium to the current sp (or even to the increased sp at the time of those future announcements), which is very different from being "cap in hand" in a normal CR process.