Best guess at amount raised in placement., page-164

Hi Cobra, why don't you assist then instead of making some vague statement. Tell me what this means

"All valid applications for Shares and Options pursuant to this Prospectus
received by the Company, from all sources, up to the Underwritten Amount, will be
deemed to have been accepted in full by the Company and will go in relief of the
obligations of the Underwriter under the Underwriting Agreement..."

So I read it that only the first 4 million is under written as all valid applications recieved by the company up to the underwritten amount (ie 4m) will go in relief of the obligations of the underwriter.

As far as I can see the underwriters maximum obligation is 4m so all valid applications up to 4m will go in relief of the obligations of the underwriter.

Others disagree and have given their reasons, so what do you reckon and why. So here is your big chance, educate me. I am quite happy to be wrong, prefer to be wrong actually.

By the way, I am not the only one who reads it this way, so please assist.

Thanks