RE:RE:RE:Last NR is two weeks old.Thanks CAinPlap, very reassuring post.
In your post it said'' We have multiple $10 M+ interested investors at
varying levels of interest''. That is huge...
1) It does imply that financing is not a problem.
2) It is almost as if TLT is saying, they could possibly do a few $500K financing, until they get the FDA BTD approval, and thus limiting dillution.
I love your post.
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CAinPlap wrote: I had an email exchange with Matthew. Coles notes is we raised just over $500K and are still on track for Pre BTD this month. With regards to the $10 million limit of last PP, here is his reply:
We have multiple $10M+ interested investors at varying levels of interest, they will likely do an offering on there own, but we set the limit of this private placement for up to $10M due to securities exchange rules.
If we set the limit for $1M and they did participate, although an over subscription isn’t bad, a 1000% oversubscription would raise many red flags and possibly be rejected, therefore, to ensure we stayed onside for the possibility of a large investor participating we set the limit for up to $10 million. If we went to $11 million for example an 10% oversubscription would not be an issue.
Regarding how much we are willing to give up; there is a pretty standard terms institutional investors set when investing, and we have no problem with their ask. When we are properly capitalized, we will be in a better position to negotiate more friendly Theralase® terms.
We are working on a number of fronts to achieve proper capitalization through institutional investment, government programs, or debt, and hope to be able to update the market on one of these shortly if achieved.
With the milestones we expect to reach on the next few months, this should make it easier to achieve our capitalization goal.