Creso Pharma (ASX:CPH) shares rally amid Canadian expansion, page-10

You are correct. Max discount 25%.

'amount to be raised of $6,000,000, at an issue price which will not be less than 75% of the 15 trading day VWAP immediately before the date on which the issue price is agreed by the Company.'

Say 15 trading day VWAP is 40 cents (40 cps for simplicity), then the 75% of that price would be 30 cents. So, the CR price would not be less than 30 cents, it could be higher. To raise max $ 6,000,000, no. of shares would be 6000000/0.3 = 20,000,000 shares. So, the higher the share price, the less the no. of CR shares.