I think your take is probably the most level headed here. Yes, the dilution is not something any SH wants, but to also have $19.1m flood in with NO options attached is definitely saying something and it was also oversubscribed. Obviously some investors have wanted large positions but weren't able to do so on market.
If this had garbage options attached then it is obviously a different story.
Ann: Successful Capital Raising Completed, page-23
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Mkt cap ! $75.63M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
|---|---|---|
| 8 | 1328252 | 2.9¢ |
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| Price($) | Vol. | No. |
|---|---|---|
| 3.0¢ | 280088 | 2 |
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