Ann: A$25m Capital Raise to Support Full Funding of HMW Phase 1, page-3

112.3M shares issued under the placement + Chemphys, and up to 126.6M for the rights issue. If it is fully supported it'll take total SOI to 745.7M, so dilution of 47% from this raise alone. Whether or not they are fully funded depends on how well the rights issue is supported. They're asking shareholders to do the heavy lifting considering the rights issue is $13M vs $12M placement. Interestingly they haven't included any options this time but the share price dilution/destruction has effectively rendered the previous options largely redundant.