Part of the reason is that everyone can potentially get up to $15k worth of shares for 35c each, why would you want to pay more? Of course the issue may ultimately be oversubscribed though.
The fact that it is trading above 35c means that people are expecting that it will be oversubscribed at that price, so thats a good thing.
Ann: $12m Institutional Placement and Announcement of $3m SPP, page-58
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