There are quite a few assumptions being made that shareholders...

There are quite a few assumptions being made that shareholders would have fully supported a large cap raise without the need to go to SI’s and institutions. Personally, I would not have participated in the SPP if it that was the case, learning from past experience. The risk for me would have been far too great in that it would potentially fall short of what the company requires.

The fact that there was a firm commitment to raise $12m via a placement which was strongly supported by institutional and sophisticated investors was enough to de-risk the situation. For me it warranted making a further investment even if it comes with a small dilution.

I am definitely not the smartest bloke going around and I have a lot to learn about investing but to me it seems that it was a sound risk management strategy deployed by the company. Time will tell.