Ann: Trading Halt, page-38

I will say one thing - while one would hope they would be able to raise what they need in a big chunk capital markets are far more difficult to access from Microcap companies.
Many will prefer to drip feed and see results before offering more.
Therefore the co may know/estimate it needs $10m in a calendar year but it is not always necessarily forthcoming immediately.
Also as things improve the raising should be at higher values.

Finally in managements defense (somewhat) look how big the shortfall was in the retail component of the rights issue? Shareholders jump up and down about unfair conditions and the "big boys" getting all the spoils yet when they are given a chance on equal terms nowhere near the entitlement is taken up.
Not to mention the cost of doing that - mailing all the info - collecting in some cases a few hundred dollars from many small holder.

Having said all that - a cap raising less than a month after the settlement of another one is a bit odd unless its for something like " funding the manufacture of way more units than was expected" and thereby underpinning the business and meaning it can be raised at little or no discount.

Wednesday will be an interesting day!