For clarity, scaleback arrangements:
Sounds like they have the option of scaling back to $5m, but not below $5m. Also meaning, they could accept oversubscription. It may not be preferred by the 'placement participants' (though they still might approve of the further improvement to the finances), but it could be considered by the company to be 'most fair' to existing holders if it meant them gaining a similar proportion to the dilution from the placement (164%).
It would be terrible if it was managed unfairly. People who were holding as at the Record Date were the ones who were supporting the company, and were fully diluted from the placement.
21 Mar: Trading Halt, prospective Placement
24 Mar: Placement begins
Evening 29 Mar: Record Date
30 Mar: Halt ended
To be eligible for the placement, people had to be holding on 20-21 Mar, before the trading halt, before the placement was announced.
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