RE: Brillient news! Well Done BOD!5 Jun 2023 07:34
The Directors are continuing to explore sources of finance available to the Group and based upon initial discussions with a number of existing and potential investors they have a reasonable expectation that they will be able to secure sufficient cash inflows for the Group to continue its activities beyond the 12 months from the date of approval of these financial statements.
The Company carries out regular fund-raising exercises in order that it can provide the necessary working capital for the Group. Further funds may be required to finance the Group's work programme. The Board expects to continue to raise additional funding as and when required to cover the Group's development, primarily from the issue of further shares.
In January 2023, the Company raised approximately £1.3m, before expenses, through the issue of new ordinary shares.
In the event that additional financing is not secured when it is required, the Group would need to consider:
· reducing and/or deferring discretionary spending on one or more research and development programmes; and/or
· restructuring operations to change its overhead structure.
Only have enough cash for 12 months, shareholders would need to allow headroom, if not it could hit the fan.