Ann: $4.4M Raised in Strongly Supported Placement, page-134

I think that if a project stacks up, then it should attract an appropriate level of investment at the right price.
If the investors who were given placing shares at 15c were not, then a good project would attract other investors.
Also - these investors who would be denied placing if the 2nd trance does not go through - they haven't got the shares yet so they don't know if they are incentivised to buy higher.

The only known in this is that dilution could have been avoided for existing shareholders, and the company chose not to, and didn't explain why.