Ann: Exercise of Listed Options Raises $1.719 Million, page-8

They did, what you're suggesting is not an underwriting, speculhater.

Underwriter stands behind K2F as back-up to make sure at least 7.65m shares get issued for $1.53m cash.

Based on this announcement, 8.60m shares will get issued for $1.72m cash.

The underwritten position has no doubt given others confidence to exercise options which werent even in the money.

Everyone will have different view, but I think share price has been impacted in part by fear of raising. Now, almost $3m in bank, target breakeven, Vale and S32 announcements due any day. Should be upwards from here IMO.