why pay more, page-8

You are correct in your placement pricing assesment...but this case is a little different from usual as the company in question HWE was looking down the barrel of the administrators gun.
So if the company way simply XYZ that was going ok and wanted to raise money for project X, they would price it x% below market, create an overhang and the share price would hang around the placement level (generally a little above).
In this case, with the threat of total loss (and yes, there were some tense moments in fromt of my screen), the price was pushed substantially lower than the inherent value of the company as an ongoing concern.
Now that the future of HWE is assured (no debt, profit forecasts and large work providing partner)...we should see a rerating of the share price based on the actual value of the company WITHOUT the total loss scenario factored into the price.
So, essentially I agree with you but I think you have to factor in the Glencore position.
But, as usual the market will let us know in the fullness of time what the correct result will be :)