If you take a look at their previous raisings, you'll see that this is not unusual. Though I agree a bit disappointing on price.
Still for such a thinly traded stock getting away that quantity is a nice tick.
If they'd placed orders on the market for those volumes the sp would have gone ballistic.
2006 - 3 mill at 10c
2007 - 14 mill 25c (prospectus)
2009 - 22 mill at 10c
Of interest is what happened shortly after those raisings.
Ann: Placement , page-3
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