"Toot Toot", page-225

They don't have enough cash to see them thought at this point. They WILL raise the majority of this cash through the Mercer PUT option which is based on a moving VWAP. Basically the higher the shareprice, the less dilution, the less shares they get for the cash they put in. So it is important that the shareprice is and continues to go up with each milestone as we are then diluted less. A far better deal then if Wayne had just raised $20M @ 3.43 back in December can we agree?
Other source of cash will be the $16M from the exercise of oppies in December 2020.

We now see the method in what some of you thought was madness in December.

In terms of insto participation at this point. My opinion is Little to no chance. Liquidity still too tight.. They would only come in, in my opinion if a) Starbright did a OMT with their remaining shares, b) Wayne did an unmarketable cleanup underwritten by a institution. The other entry point might be underwriting of the options in December 2021. Or the oppies exercising may see strong liquidity enter the market as a lot of the smaller shareholders this could be a biq cheque to write.

My opinion only.