Ann: iCar Asia Limited provides 2016 revenue and EBITDA guidance-ICQ.AX, page-5

Well you might be wise keeping some spare, if you consider that ebitda might roughly tally with the operating cashflow of the business this coming year, and you want a margin of safety too in running a business. So seems likely a crap raise would be required. They had $13m in the bank, and will go backwards $15m roughly. So possibly means a raise of $15m or so, if you look ahead for a year as well. Hopefully they can get a good deal, especially if the business has some good returns on the investment shown via revenue growth. Also the lower the SP - the more enticing for CAR perhaps?