17% discount to 15 days VWAP, which is a much better indicator...

17% discount to 15 days VWAP, which is a much better indicator than last closing price since it average out the noise of the last couple trading sessions.

With this 17% discount come 1 free warrant every 2 shares worth around 32c using a Black-Scholes model with 12 months trailing volatility and 5% risk-free interest.

Subtracting the value of the warrants means the effective price of the raise is 1.39 $cad. (1.55-0.32/2)

The 15 days VWAP was 2.08 $aud or 1.87 $cad
The effective price of the raise being 1.39 $cad, that means a 25.7% discount to 15 days VWAP.

1.39/1.87 = 0.743
1-0.743 = 0.257