They could make it renounceable and fully underwritten. A recent such issue by SYA was oversubscribed.
SP will drop either way to issue price after completion - 2c here it comes.
Personally I don't see the point of the raise when you consider that the organiser will get a cool $600K to do so. If they are making money then pay debt back as you go. So, by raising you blow $.6mill and dilute by another 500mill shares and sp drops - that to me is not a good way to reduce debt.
Ann: General Meeting Letter to Shareholders, page-7
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