why i think a deal will happen, page-4

Hi guys.
My father has a decent holding in ELM.
He is fairly dissapointed to see this whole T/O still dragging out (his entry price is around the T/O price, which is a bit frustrating all on its own).

Just had a look at the quarterly, ELM drew down $10 of a possible $15 million in convertible notes. If ELM does not draw down more soon, they will be out of cash, as the quarterly states they have a bit over $3 million, yet they will spend $2.8 million.

I am a little worried that my fathers holdings are going to be further diluted?

Just wondering how others see this playing out.

Cheers.