Disappointing price, page-20

That doesn't say they won't be CF positive until FY21, it says they will be $2.00 to $2.50 per kg in FY21!
As they are expecting pretty linear growth & $2.50-$3.00 in FY22 it's pretty clear that in FY20 they will be expecting to be CF+ or at very worse around BE.
You've completely misread that IMO.
I expect them to be CF+ this time next year (H2 2020).

Last year they used $6.8m in operations & had $15.2m of cash & facilities as at Dec-18 having just expanded the facility by $2m. Plus there is further money due from the governmemt.

The last placement was together with the facilities to fund the expansion in the upper gulf which is what they are using it for to increase the biomass in the fry during the expansion phase. The capital expenditure for the expansion will now be mostly complete so the above funding is more than adequate on the Dec-18 balance based on last years run rate. Factory gate prices & volumes are increasing year on year which will help reduce cash burn.

I'm not concerned re a capital raising & they certainly wouldn't be doing it with $15m+ at hand.