Very good points and despite now having the SWF cash and about to start construction, as I mentioned in a previous post, many top 20 holders that can participate in the cr might be already overweight after the last cr. So to expect to raise any more cash from them, terms need to be attractive enough.
It's far worse to try for 8c with no options and raise next to nothing because top 20 hold enough already.
This time the options are 2 for 3, not 1 for 1 and a 10c strike, not 7c. So terms are not as attractive as last time fot cr participants. Going less attractive would have been too risky. I can't speak for others but I know I would have passed it up without the options and the 7c price, simply because I was able to fully load up on market at much better than 7c recently.
I also only participated because I expect construction to start imminently and good sp upside early in the new year as construction news flows through and people start to refocus on that and how low the market cap will still be relative to the project valuation.
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