placement of $10.1m to advance qld copper proj, page-26

I am just disappointed that EXS raise capital at a discount to insti.sh. If it is true they were approached by clients rather than the other way around, surely they would be happy to pay at 30cents rather than 24.5 cents considering that they have a valuation of 60cents for exs.
If several parties is looking at them why 24.5 cents why not 28 or 30? why not give a discount of 5 % from previous close of trades which was what 30 31 or 29?