Ann: Application for quotation of securities - VMT, page-13

I think many holders & potential investors had noticed that the share price was already trading around $0.15-$0.17 at the time of announcing the Entitlement Offer. My guess is that they would prefer to purchase shares in their own time, in their preferred quantity, with the possibility that the price could go lower than $0.15.

IMO, making this Entitlement Offer had the benefit of communicating to the market that $0.15 is the discounted/cheap/below true value price - at a time when the price was consistently falling. This likely reassured share holders that the price drop has found its bottom (so won't sell for lower), and potential buyers waiting for the bottom started to buy.
1. Less sellers
2. Sellers unlikely to sell under $0.15
3. Those waiting start to buy.
4. Buyers willing to pay at a slightly higher price because they believe the price can only go up from here.

I think this may be why the price mostly stayed above $0.15. Though this effect may not last. It would be like in a cage match to the death, one fighter is obviously no longer able to fight and his team concedes, forfeits the match, declares the other person the winner and calls for the fight to be over. The other fighter will likely pause because they make some bit of sense, but then remembers that that's not how the game's played.

Just because an offer was made for $0.15 doesn't mean that it can't go lower, or the company won't meet their end in bankruptcy. In saying that though, the price could go higher - which I hope in the long run it does.