Leadenhall have what I would call a weak Underwriting Agreement...

Leadenhall have what I would call a weak Underwriting Agreement in their favour i.e. they can pretty much rescind if they want (refer the get out clauses) so for that the BOD gave them a 6% fee. They are underwriting the entire issue worth $576k so they may get it all or some part of it depending what the shortfall is.
Whatever shortfall they get they can sell on market anytime between 28 July and expiry 18 Jan 2018 and they have the option to take up whatever shortfall they get in shares at 4c. Its reasonable to assume that they wouldn't exercise the options if the shares are wallowing at these levels come 18 Jan or sub 4c for that matter.

The fact the founders don't want to take up their entire entitlement is pretty indicative of their confidence of reaching 4c

This bonus (mega diluting) issue should be scrapped forthwith.