Major dilution ahead - confirmed by CEO, page-2

That does seem a big ask.
Definitely a different message from prior to the AIM IPO, when the funding talk centered on various third parties willing to stump up cash for a stake in the project.
However, CEOs don't go around saying "we will dilute shareholders massively", especially after just raising cash.
I would suggest therefore that we can take his message far more positively than it seemed. I suspect a good sized chunk of funding may be closer than we think.