placement now at 30% premium?

Any ideas what is going on?

Placement completed last week at 17c, yet shares are at 13c. That means that the placement was non-dilutionary as the % ownership (~15%) is less than the premium (30% to current market price)..

They have another $8.3m in cash, plus opening cash of $4.1m, plus anything they've earnt over the past quarter. In other words, they have cash, an operating mine and reading the last presentation are heading toward being a very cheap operator once Pearse comes online in the next 6-9 months (sub-zero??). Also, it means they must be almost 50% cash backed.... 50% cash backed in an operating miner and people are selling??