A CR will be needed but possibly not as soon as you suggest.
They still have cash receipts coming in from the already estaished parts of the business.
With the facility in place they essentially had access to approx $13.5m at the start of this quarter. They expect to use about $6.5mil but if similar to last quarter will also bring in approx $1mil.
$13.5m + $1m - $6.5m = $8m.
Minus the $2m that needs to remain on deposit for the ANZ loan facility and they would still have approx. $6mil available at the end of this quarter.
Timing wise it would make sense for them to hold off CR until Sydney and Melbourne data centres are up and running and starting to generate revenue. The SP will have improved by then and dilution will be minimised.
Rough figure above but I see a CR coming in March to fund Asia expansion.
A CR will be needed but possibly not as soon as you suggest....
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