Yup. But there is the 15% placement rule.
The damage to sentiment is done now, but a better course would have been to keep their heads pulled in, and just done a surprise 15% to the sophs they probably have lined up for around ~$2m. That would have tied them over for 6 months and if TZ KN approvals still held back, then a reassessment of expenditure there is required.
Ann: Quarterly Cashflow Report , page-9
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