I agree with Gold Seeker ... if Dr. Moro was expecting a nice chunk of money to come in, he wouldn't have gone to the hedge fund. I'm thinking that they needed the hedge fund money just to give them a chance at getting to the next "milestone" (whatever/whenever that may be).
I am rather concerned about their ability to raise the additional $3mil in equity before the 75 days is up. If they can't, they will be at the mercy of the hedge fund. However, if a significant announcement about RECAF is actually forthcoming, then the hedge fund will not want to derail the train, so I presume that they'd be willing to grant an extension in exchange for more shares. And, if the share price rises substantially, BOCX might be able to raise the additional equity they need.