There is a lot of negative sentiment, but remember this is a...

There is a lot of negative sentiment, but remember this is a start-up company that has gone public on the ASX.
And the reason why companies go public is to help raise capital to build their businesses. So in the speculative / start-up world, dilution is something we need to deal with!
Sure, I would prefer 4.1 cents over 3 cents, and in hindsight, we should have (or could have) raised money back at 17 cents with less dilution, but we did not and we can't go back in time.

Amongst all the negatives posted, here are some positives that I can see:

• GOMSpace will get paid and will progress towards completing the 1st batch of Pearls. I would soon expect an announcement that a GOMSpace progress payment has been made, and the Pearls are being built at full capacity.
• Directors and Michael Malone are contributing 710K of their own money towards the CR:
• 310K by SAS directors
• 400K by Michael Malone - remember that MM is not obligated to contribute anything, and has proven to be a very successful businessman. He must see potential in SAS, and would not invest 400K if he knew the prospects of a return were poor.
• Directors and MM investing their own money builds investor confidence.
• This CR will generate up to $41M over 3 years, comprising of:
• $12M via placement
• $3M through Priority Offer, with up to $1M in over-subscriptions
• $25M over a 3 year period (500M options at exercise price of 0.05 cents, assuming option holders are in-the-money, and assuming all holders ITM exercise their options). 
• Future financing through US bank debt (subject to approval) would mean minimal dilution as we progress towards self-financing
• Retail Shareholders have the option to contribute to the subscribe to the offer, up to $15K - take it or leave it.
• the Company is reviewing their corporate costs to minimise cash burn (let's hope they have been doing this from day one, but at least they mentioned that they will review costs).

BTW, I did speak to Hunterr prior to today's announcement, and he was correct in the information he provided me about the 0.03 cent per share and 1-for-1 options. He is happy with today's announcement as it means the company can progress further, and is quite optimistic for the future.