Ann: At-The-Market Establishment, page-11

Your numbers are incorrect. The 200,000,000 shares are issued at nil consideration as collateral (it's literally stated in the announcement, then again in the 'application for quotation of securities' disclosure which followed this announcement). If/when AZL want to actually draw down on the facility, new shares will be issued at the agreed pricing mechanism (the greater of: the floor price set by the company or up to a 10% discount to a VWAP period), i.e. Acuity will get issued shares at a discount to the market, which they can then immediately start to sell to realise a profit (this is how they make their money - there's no other fees involved). In simple terms the net result of this is:

a) AZL get $Xm cash from Acuity
b) Acuity get issued shares at a discount (up to as much as -10%), equal to the amount of $Xm cash they've given AZL
c) Acuity sell these shares into the market to profit off the difference
d) AZL holders watch the share price sink as a new motivated seller enters the market

There's a reason why companies that use these Acuity ATM's tend to be struggling junior players that have just recently done a capital raise and don't think the market will support another one any time soon. There's also a reason the announcement emphasises "we don't have to use this if we don't want to" and that they get dropped out of trading hours.