was a horrible raise at a big discount with free options that...

was a horrible raise at a big discount with free options that wasnt even enough of an incentive for people to back it in.
Surprised its held 3.8c, the raise price, thus far.

1billlion SOI (fully diluted)...guess management were desperate for cash.
its going to take some stella news to break this 6c option price cap.

Some napkin maths i did when the offer was announced:

		Before	Raise	difference
1	SOI (m)	800	200	25.0%	dilution - not including options
2	MC (m)	50	7.8	15.6%	increase based on MC
3	price (cents)	5	3.8	24.0%	discount

Raising 15% worth of the company Market Cap in cash, at 25% dilution to Shares on issue was a red flag, then at a big discount to price. I was out.

Now with only 57% uptake, the cash wont stretch far, so expect another cap raise by xmas unless they pull a miracle out of their hat with a long overdue funding announcement...