Capital Raise

News article

The company was on the hunt for $8 million through a two tranche placement and had tapped Bell Potter to give it a hand.
Tranche one of the placement would raise $4.7 million and tranche two – which was subject to shareholder approval – would snare $3.3 million, according to terms sent to funds. The offer was priced at 8¢ a share, which represented a 20 per cent discount and a 17.7 per cent discount to the ten-day VWAP.

If we get R White to take a decent chunk then this will go ballistic otherwise it will be interesting to see who is getting in tranche 1.

I believe 20% discount is bit too steep however, given the market conditions everything is off limit.
GLTH