Ann: Termination of Binding Agreement, page-19

Minimum raise price should be 3.15c with 25% being the maximum discount they can offer to VWAP over the previous 15 days.

"7.2 25% limit on discount to volume weighted average price at time of issue The issue price of securities issued under listing rule 7.1A must be no lower than 75% of the volume weighted average price for securities in the relevant quoted class calculated over the 15 trading days on which trades in that class were conducted immediately before either: (a) the date on which the securities are issued; or (b) the date on which the price of the securities is agreed, provided that the issue is thereafter completed within 5 business days. Setting the maximum discount by reference to a VWAP figure calculated over a period of 15 trading days should limit the potential for securities to be issued under listing rule 7.1A at a discount to a short term low market price. In recognition of the market practice that a listed entity and potential allottees of securities will come to an agreement about the issue price of the securities a short time before the issue actually takes place, and that they must be able to tell whether the price that they have agreed complies with the listing rule, the maximum discount can be calculated by reference to the VWAP over the 15 trading days on which trades in the equity securities were recorded before the agreement is reached. In this case, the issue must be completed (that is, payment for the securities must be received, and the securities issued into the electronic holdings of the allottees) within 5 business days after the agreement of the issue price. Otherwise the calculation must be performed by reference to the 15 trading days on which trades were recorded before the issue date."