Valley of Despair, page-47

There are plenty of companies on ASX claiming to have plenty of cash in the kitty and will not raise for a while but still do in the short term, all for different reasons.

As for pricing on the capital raising, it will depend on management's ability to raise capital effectively. If it claims to be 'significantly oversubscribed', in my opinion is an indication that the discount was too steep. I am expecting a capital raising at around 3.5c for 100m shares for 3.5m cash. (Since it hit 3.8c not too long ago and add a 10% discount to this price.)

However, the more raised means more discount as sophisticated investors want less risk.