Ann: Notice of General Meeting/Proxy Form, page-6

I thought the excess cash would be used for working capital / strengthening the balance sheet - given TNT is not yet cash positive.  Given last 4C is was due to lose about $400k this quarter from memory, with about 1.7 million in the bank.  Accordingly, cash was starting to become an issue.    

An extra 1.9 million would put Tesserent in a nice cash position and give them sufficient cash until the new combined entity is cash positive - hopefully by this time next year.  

I thought another acquisition would require another capital raising.