So the "material contract" was a bit of a whimper, but hey, atleast it wasn't bad news...

6A1197324_3DP.pdf

After all the games and flakiness afoot over the past few weeks, this isn't much of a surprise at all.

Not exactly a confidence building measure from management. The discount isn't steep and the little guys can play a part, but that is cold comfort given the deeply suppressed share price anyway.

• Placement to institutional, professional and sophisticated investors raises $2.0 million at an issue price of $0.12 per share

• Planned Share Purchase Plan (SPP) to eligible shareholders to raise up to an additional $1.5 million at the same price as the Placement

Given the popularity of this company on Strawman, I would have expected much better cash conversion on the ACV - the gap has been uncomfortably wide for several quarters now.

The non-reporting of that metric in today's update is also odd.