349, page-57

Look at the cash table on page 2 of analysts report dated September 2016, 3 months before a $45M CR!!

https://canaccordgenuity.bluematrix.com/docs/pdf/73ed0132-fb88-47a2-949d-1b2f1a9c21e7.pdf

No cash requirements in the foreseeable future as sales would fund company. At the low point, cash would reach $5.1M in 2017. So at worst case any reasonable person reading that report would expect a potential small CR in 2017, though would hope we could squeeze through and not dilute any further.

Then BAM! We get a $45M CR out of nowhere at a massive discount to SP.

Only 2 conclusions can be made:
1) Canaccord analyst is complete and utter dimwit to get it so wrong (we can make this determination on our own)
2) Canaccord deliberately wrote an optimistic report to prop up SP for obvious reasons (only ASIC can make this determination and I make no such claim).

You only need to look at the projected sales in this report and subsequent reports to see how far off from reality the sales projections were prior to the CR.