Ann: Argenica Successfully Completes $12.0m Placement, page-34

IMO it also comes down to shares on issue as well, you could never pickup 20 million shares on market here with only 50 odd million of free float available, not without driving the price to north of $1 . I really think it could have been done with negligible discount. The quantity offered should have been the incentive. We arent a company with a billion shares on issue, where the discount needs to be the advantage , the brokers won this one. But in all honesty , those who contributed in the placement got cheap shares, and if we raised at 52 or 60, changes the m/cap by a couple million $ so it isnt a huge deal long term , and a couple big names that took up the placement could even be a big plus. We wait and see