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It's a 10% discount to the average price of the 3 days before the issue isn't it, not to when they start selling?

The 30% is after the notes are issued, so the SP can be c.7p - 171m shares issued at 7p = £12m + £28m existing cap = £40m cap and the CLN holder has 30%.
But in reality Mint will just sell them as they go along, or forward sell them. I've never seen a CLN holder who actually holds them it is basically a rolling placing.

If only we had some decent buying to take them out.

I don't agree with the very heavily part - ARDS will be around long after COVID-19 - try reading the previous RNS.

Put it this way SNG went from £22m cap to £107m cap just after their trial started (+£85m).
Even allowing a heavy discount factor due to different markets etc that still suggests a shareprice of way more than 20s here could be expected.

8.1p is cheap - very cheap.
Should be in the 20s once the trial is underway.

Bid still quite strong. Big chance for Traders to sell out at a loss before the newsflow begins lol.

There goes another. Was that you Trading?

Who, me? I am in deep here! You?

Looks like a few stale PIs selling now as suddenly you can sell in decent quantities again - relieved to get out presumably.

Quite a few odd-amounts of what looks like the seller (non-protected single protected portfolio trades) going through today and yesterday, and the bid/offer limits are now a lot healthier. Dare I say the seller is out or very close?

SFX-01 Covid/ARDS trial hasn't even started yet never mind early reporting.
About time they got on with it.

Yes the MM's / Fincap specifically are filling a large sell order as we know, so whenever Fincap are on the bid the limit is very low - as they want to sell stock.
However there are quite a few larger buys printed today and with trial commencement hopefully imminent there are good reasons for a rise.

Sadly the online limits suggest the seller is still there for the time being - although they can't have much left now (2m if not less). Renewed buying interest on a trial commencement RNS could well clear them out for good.
What I don't understand is why didn't Fincapp call around their city contacts to try and clear the sellers stock in large blocks, instead of this months-long drip feeding into the market that is distorting trade.

Can buy at 8.1p now.

22/10 - Eclipse drilling commenced -> 28/10 - First Eclipse results (6 days later)
6/11 - Houdini drilling commenced -> 12/11 - First Houdini results?

http://evgen.com/wp-content/uploads/2020/07/EVG-AGM-presentation-2020-16Jul20.pdf

Slide 3 - company is funded to Q2/Q3 2021.

Why would they raise now when the COVID trial is about to start that will likely push up the sp over the next few months? More likely to raise sometime in Q1 next year.

"The $10m is dependent on potential future sales"
Are you confusing royalities with milestone payments? The $10m is milestone payments, which are usually on approvals etc. before the product goes on the market - which is expected within the next 2 years. Royalties on future sales are on top of that.

I'm not a scientist but it seems straightforward enough to me - SFX-01 has many potential applications and modes of operation. What don't you understand?
It is over a year since the stroke trial btw, not that it matters.

Some decent newsflow from the company would quickly sort them out anyway.