It's all guesswork but if I was the company and had to choose, 1.
The value is greater(risk-reward) here for shareholders so more natural buy-in.
The company and SH's also benefit from a SP level of good stability pre-escrow.
After that you might get your "clear skies" scenario and then they could do another raise at a higher position of strength if needed later on.
Ann: THC Global Launches Share Purchase Plan, page-35
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