Crazy or maybe notWhy would you do a pp at 0.07 and for 5 million shares only. Why would a company sitting on 7M in cash need another $350,000. This is insignificant amount.
Does this suggest the opposite to be the case? That this is a very specific and significant amount. Is the company going after specific EL bids or is there a deal on the line that needed that extra 350,000 over what was on hand to close it? Whatever it is they managed to peak my interest.
At this point I don't think IFR would go and raise $350K in pp without a specific reason.