Has $1K left in the bank, but don't worry they estimate their admin spend for next quarter will only be $1K, so no need to panic
They aren't misleading the market are they ? Check the cashflow report before that. They had $6k left in the bank, but estimated outflows would only be $5k for next quarter. The spend was actually $46k, around 9 times what they estimated !
And check the cashflow before that one. Had $11k left in the bank, but they estimated quarterly outflow would only be $10k. It was actually over $90k, so again 9 times their estimate
After each, a capital raising ensued to cover the more than anticipated costs
Also, has anyone ever question management on this ?
Minimum Risk Pty Ltd (related to Martino) agreed to underwrite the issue of 30,000,000 options at a price of 5c each, with 20c exercise price - total placement $1.5M
It states the option placement must occur 1 month after the meeting (which was held 20 September 2013)