back to 3c?, page-6

re: back to 3c?/ps towie They say "up to 70,000,000" and "a maximum of $3,500,000". They are not saying 5c. The terms are that they must be "at least 80% of the average market price for Shares calculated over the last 5 days ...".

Setting a maximum number of shares is good to limit dilution. Setting an 80% minimum limit on the pricing relative to the market is also good so they don't create too much price volatility and are seen to be getting some sort of fare market price.
Setting the maximum amount they can raise given the other two limits seems a bit strange, unless its an ASX/ASIC requirement. If their market "strength" allows them to raise $4M at the time, then why not?

The other positive to note is that existing shareholders are likely to get offered some, which will further prevent dilution (not that they have much left!!), assuming any want them...

So if the average price at the time of issue was 8c, then the new issue must be priced at 6.4c or above, not 5c. One risk that they will face will be that their market trading is so thin it will be very easy to manipulate the price down.

... just my interpretation.