Ann: $4.4M Raised in Strongly Supported Placement, page-57

Sorry krazyox, I think that's a pretty harsh summary of management. Shares are at 2.3c now, +20% on the day and you're still complaining.

Given it only ticked up on the last day to 2c, and basically was at a VWAP of 1.8c for the week or two before that.
The deal would have been negotiated with Fosters for a while.

It is hard to raise $4.4M for a $10M market capped company for what is an effectively a 15% discount to the 5 day VWAP and all credit must be given to management for bringing the right people to PM1 rather than just offering it to the next broker who's clients will just flip it.
For a company with relatively low liquidity, that's the last thing you would want.