Ann: Capital Raising to Fund Growth, page-20

"I love the prospect of business, but just don't like the CR. It is just too low"
The price at which capital is raised is actually not important financially - PROVIDED all shareholders can participate pro-rata at the price. The latter is sometimes an issue as it will probably be here.
Sometimes there is bit of signalling in the price and observers make something of it, but it does not matter. Think about it. Even if they raised capital at 2c, but for 4 times the number of shares, and everybody could participate pro-rata, no one is better or worse off. Finance theory.