AVQ raised $1.5M via placement and hope to raise a further $5.5M...

AVQ raised $1.5M via placement and hope to raise a further $5.5M @ $0.16. Given they are trading at $0.135 they will be lucky to get $1M out of the Rights Issue. They can place the balance but which investors are going to be willing to pay a 20% premium to get into AVQ given their track record? With their burn rate $1.5M is about 2 months of fixed costs and that is doing no work on the project. Even if San Jorge warranted further work, which due to its low grade probably does not, how is AVQ going to fund it? I think that crunch time has arrived a month or two earlier than I expected. They need Isabel back and fast otherwise some serious surgery will be needed.