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With uncertainty in financial markets it is a pretty hostile environment for raising capital. Due to volatility underwriters are demanding a lower price.

Though$1.25 would have been nice, given that BRM/YML have come from 30c I bought them for about four months ago to over a dollar I can see why instos would not want to pay more until the SP/support is established above $1.05 - they know that what goes up quickly can alsop go down quickly - and due to low traded volumes on BRM instos could not easily dump all their shares in profit if the SP crumbles back - so they need to know they are safe.

It is a fair price IMO all things considered.

If they had a SPP at $1.05 you can bet the SP would be lower now and the SPP undersubsribed - and they would have copped underwriting fees. Look at POL - 83c to 58c with SPP at 60c.