agree, it could be done to the same group of people.
and my point was that the s/p has to be over 7c for them to take up the tranche 2 placement otherwise what's the point to pay 7cps to bring the average up to 3.77c when they could just buy on market and average will be less than 3.77c?
s/p should be 7c+ before tranche 2 placement, page-25
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