Ann: Trading Halt, page-52

Hi WLJ, I'm happy to be proved wrong but I don't know any company that mentions in their capital raising what percentage the cutback was (if there are any, it would be extremely rare). But the following would strongly suggest the 80% or 90% cutbacks probably occurred here:

1. Read the tea leaves from the announcement - "Placement was strongly supported by a number of highly reputable domestic and offshore
institutional investors including new cornerstone investor Terra Capital, an Australian specialist investment manager."
"The level of interest in the Placement and support received demonstrates the exciting future ahead for GCM and the opportunity we have to build a Company of significant size, scale and importance."
“I would like to thank Aitken Mount Capital Partners and Canaccord Genuity for their hard work and support in delivering an excellent result and positioning us for long-term success. This Placement is a glowing endorsement of the progress we have made thus far to bring VHD Graphite
to market, and the potential we have to generate shareholder value through the commercialisation of VHD Technology."

2. The raising would appear to have been upsized from $5m to $7M. Clearly this would have been because of the huge demand.

3. All day, the price traded higher than the closing price before the trading halt despite very significant volume.

But everyone is entitled to their own views.

DYOR