Meeting was pretty standard. Understandably shareholders that...

Meeting was pretty standard. Understandably shareholders that were there weren't happy about the additional capital raise but I thought management explained it well. Quick summary because I'm on my lunch break.

To be clear, this is my own recollection (subject to my poor memory), I own shares in the company and I've got a sell order for 30% of my holdings in at 0.7c (part of my risk management rather than lack of faith in company long term).

Cap Raise: 2 elements. ASX requirement is for company to have at least 6 months cash for operating. The SP will easily take them through for another year. The piece I hadn't thought of that they explained was that entering into discussions with a multi-national, they wanted to have a 'war chest', so that the multinational wouldn't be able to wait for them to run out of cash and then offer less on license deal. Seemed fair enough

Employee Options: The main point for me that they mentioned is that the exercise price would be minimum 180% of the share price when issued (I got the impression it's an ASX requirement but open to correction on that?). If the share price has to be north of 1c before they're issued, that works ok for me. The issue amount is capped at 5% of the company. I believe the resolution was to allow them to do that on top of the 15% shares that they can do without shareholder approval.

General Questions: There were plenty of these. They were very careful not to say anything that wasn't in the earlier release that outlined the timeframes for version 3 release, testing and moving towards a deal with a 3rd party. They did say that things were on track and they seemed happy with the progress. The primary reason for waiting for V3 before negotiating a deal was they believed they could get a significantly better deal with it than V2.

I think they're very aware there's a lot of people who bought in at higher levels (as they have also done), but they're still in the company because they are very optimistic about the possibility of a profitable deal. I got the impression that they saw that happening in the next year (my opinion only). The roadmap to that deal is V3 release, 8 weeks testing and then sit down at the table. And there are potentially multiple parties interested.

My impressions were quite positive. The key risks as I see them are: delays bringing out V3, trial results and delays negotiating a license deal. Should be news flow in the near term with V3 and trial, which I like from a ST trading perspective.

Quite tempting to pull my sell order but having been optimistic about things before (and been burnt), I'll try my best to stick with my trading strategy. Definitely won't be selling my core parcel.

Buy/Sell on your risk appetite. MTFBWY