I haven't seen the term sheet, but the way these things usually work they set an upper limit. So XAM may have been looking to raise "up to $10m", but that doesn't mean they needed, or expected, $10m. If Bell Potter did their job as advisors you'd expect them to have a pretty good idea of how much participation they would get at the 5.5c price.
What's the actual wording in the term sheet?
Ann: Proposed issue of securities - XAM, page-22
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