Ann: SBW receives commitments of A$2.1m in private placement, page-8

Agreed - not impressed. Unfortunately 6% has become standard and I can understand might be justified for a comparatively small raise (only circa $2M) but the free shares is seriously excessive in my opinion.
Unfortunately my entry into SBW was quite poorly timed at around 30-32c, though I do still have confidence that these guys are onto something. I would, however, sleep much better at night with a company update every now and then....