I had concerns about the warrant transaction from the start....

I had concerns about the warrant transaction from the start. Under the terms Crede can 'exchange' the warrants for a pre-agreed value of stock or cash.

According to p.9 of the 10Q, the exchange feature was activated and they got 1,424,220 shares FOR FREE.

The appendix 3B lodged here in Australia looked like they had paid the $3 per share to exercise the warrants, but the 10Q confirms they were exchanged.

So the raising in which Crede paid a 'premium' is a furphy - instead of $2.24, ($10m / 4,460,224), they only paid $1.70 ($10m / 5,884,444). That's 28c equivalent!!

The warrant structure is only there to make a sh*t deal look passable.

Smacks of desperation raising at that level and via Crede - I'm only glad they did go for more.