Prior to the raise there was ~1427m SOI. The raise adds ~227m new shares (assuming all are eventually taken up).
That represents a 15.9% capital dilution.
The closing price prior to the raise was 9.6c. The raise price is 7c so (2.6/9.6)*100 = 27% discount.
If you apply the dilution capital % to the closing share price you get 9.6*0.159 = 1.526c.
9.6 - 1.526 = 8.07c.
So I'm not surprised it's currently trading around 8c.
These new shares were priced to fly off the shelves.
Iggy tempting my wallet again!
Ann: Placement & Entitlement Offer to Advance Battery Projects, page-15
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