Ann: Proposed grant of options to Directors, page-7

I agree with your sentiments. Looking at what's happened I have absolutely no confidence in their ability to ensure the company has enough gas in the tank to get them to the finishing line.

They had ample opportunity to raise capital at much higher prices - but didn't. Then after they've raised capital at a low point that shortchanged retail holders - only three days later they announce they'll be raising even MORE cash.

And it is not a small sum by any means either. They raised $11.5m initially, then days later announced they were going to raise another $3.5m - that's whopping extra 30%+. A glance at the quarterly report can quickly tell you why. The company is still losing a lot of money, which in itself, should not be a big concern given it should still be focused on growth. The real concern however is that the company has not demonstrated that it does not have any idea how much it is losing and how much it needs to see it through.

The market is generally aware when companies have pushed the envelope too far by letting the cash pile drop too low - and you get what they have now - which is a cap raising executed at a low point in the share price. I think good capital management is understanding how much you need to get the job done, and raising money before you need it when your balance sheet still looks strong, so you can get a decent price. Not the other way around when your cash pile is almost gone and you are desperate.