Ann: Successful $4.5 million Placement & Launch of SPP, page-106

This is a tough one for me.

I've invested in companies before where they raise and raise and raise and keep the hope alive. And some of the posts of late are reminding me of posts on other shares that are complete duds. Posters simply holding on to false hope because they're too invested or sour to admit it's all over.

On the other hand, after prior US roadshows and more progress, I do also wonder if the $4.5m wasn't somewhat pre-organised. US investors from a year or two ago might have said "hey, when this is less risky, we'd love a slice" and now they're getting that slice. Everyone here has assumed that they are raising this much because they NEED to. But very few of you have considered that they might just be letting some US and Aus investors get in cheap.

"The placement attracted strong interest in excess of the shares available to allocate"
and
"The company reserves the right to place the shortfall" (from the SPP).

That tells me there's interested parties who want more at 4.5cents but couldn't get it in the Raise. Still might get it on SPP shortfall. Otherwise have to buy on market.

Now obviously if they didn't need $6.5m it's cruel to dilute us like this, but at the same time, it might have been hard to turn down the number of investors for the $4.5m and to help, they offered the SPP.

So it's hard right now. Part of me has seen this happen over and over again and thinks we will still be here in 2024 debating what the wording means. But part of me thinks this could be done March 2021 and any spare cash just goes to the directors pockets as a bonus. Just because they have $9m doesn't mean they need to spend it. Spend $5m till March 2021 and then give each director a split of the remaining $4m and give Guido 50m shares seems pretty nice.

Something that would help is knowing who these US and Aus investors are. Are they actually big names, or just small guys taking a punt?