Ann: Application for quotation of securities - MNS, page-2

So how is this capital raising going

3rd Aug AUD $20m 'raised' through convertible note facility:
- $1m upfront fee being the discount on face value of the note
- 14m shares to Lind which at 25c was worth $3.5m
- 5m shares to the broker at 25c which was worth 1.25m
So the capital raise cost $5.75m upfront which is ~27% of the funds

What is not even accounted for in the above is the 30m options given away.

Add insult to injury, mgmt have issued 21m shares at 25c (less 7.5% discount) almost immediately even though the price went up to ~40c. They could have waited 10 days to issue shares at this higher price, but for some reason did not .
Issuing shared immediately has raised ~$5.2m (21m shares at ~25c ignoring 7.5% discount) versus ~$8.4m (21m shares at ~40c ignoring discount) which is ~3m or 60% more....again if they had waited 10 days and the price was ~40c over those 10 days!

I can't understand the thinking behind issuing shares at a lower price?!? WHY?!?

I indicated the same yesterday, but got moderated for something....all the above is factual and based on company ASX statements since 3rd Aug