Ann: Completion of Security Purchase Plan and Shortfall Placement, page-3

Just to clarify, there was approximately $5,900,000 raised through a combination of placement, director loan conversion and SPP.
It is broken down as follows:

Placement - $2,585,002.14 (ANN 17/10/22)
Directors - $2,415,000 (ANN 17/10/22)
SPP - $891,000 (ANN 18/11/22)

Placement - (Per 4.1 of ANN 28/10/22) that placement comprised of "an issue toclients of Blue Oceans Equities and other sophisticated and professional investorsintroduced by the Board of Directors of the Company"

Directors - (Per ANN 17/10/22 and AGM) George Lloyd $365,000.00Gerard King $1,000,000.00Mark Elliot $50,000.00Tiger Brown $1,000,000.00

SPP - (Per ANN 18/11/22) SPP $741,000.00Shortfall $150,000.00

So you are right that the SPP was somewhat lacklustre but BOEQ brought a lot more to the table than $150,000.
That SPP shortfall was likely picked up by new sophs or some existing sophs who wanted to take up a larger position than the $30k SPP.

I also agree that liquidity remains a massive issue, one which is likely deter further coverage or investment from institutions.

With only 551 shareholders as of last annual report, 60% of which have holdings less than 5,000 shares, and with 94% of outstanding shares held by the top 20 this is likely to remain an issue until the next round of funding.

Still a terrific opportunity if you can manage to snag some, even for those new investors who just want to get themselves on the register.

My thoughts only, DYOR.