Geezus, the market is brutal at the moment. Here are the details...

Geezus, the market is brutal at the moment. Here are the details of the CR. I owned this stock at 70c and thought it was cheap at the time.
Feel for holders. Question is, does this represent amazing buying or just another 7months of burn before another raise.?

Placement Offer:

• Offer Price: A$0.02
• The Offer Price represents a 80% discount to the 30 day VWAP of A$0.099
• 1:2 Listed Options with an exercise price of A$0.03 and an expiry date of 30 May, 2026.
• Bids due 5pm AWST 8 May 2024

Placement to raise up A$7.0million, comprising the issue of up to approximately 350.0 million new fullypaid ordinary shares ("New Shares")("Placement" or"Offer").

Funds raised from theplacement are intended to be used to increase production capacity at itsmanufacturing facility and add additional equipment for processing lupin fibre,corporate/ transaction costs and to provide general working capital