Ann: $16m Placement and $10m non-renounceable entitlement offer, page-67

I've been thinking the same thing. I don't understand why they wouldn't announce the raise when we were sitting @13c with a 10-15% discount. Then during the trading halt or after they could announce the agreement with Glencore with less damage to the share price. The opportunity to be in trading halt over the last days of the financial year would have helped our share price as well. I'm not sure why they would take the approach they have taken.
I have a partly executed trade @11c and depending on where the share price is sitting as we near the closing date will dictate whether I take up my allocation during the retail offer. The notion that taking up the allocation supports the company is not one that sits well with me after my experience with several companies and most recently with Syrah.
Now it's up to Barry to give us the news and hype during the next few weeks to make the offer @11.5c compelling enough for holders to take up.
For what it's worth, I do believe in Barry and this team to deliver reward for loyal holders in the next 12 months and I won't be selling for a quick profit.