I'd say you don't understand flow through shares. Here's the math and theory behind it.
CY5 issue 8677817 shares @ 73c = $6334806 to a Canadian investor.
The Canadian investor can claim an immediate tax break of 10% (to keep the math simple) which gives them $633480.60 to write off.
The Canadian investor then donates the shares to a Canadian charity to claim another immediate tax break of 10%, which gives them another $633480.60.
The Canadian investor now has a tax claim of 2 x $633480.60 = $1266961.20
The Canadian charity then effectively sells the shares back to CY5 at 35c because they need the cash.
CY5 raised $6334806 initially then bought the shares back for 8677817 x 0.35 = $3037236, leaving CY5 in a net position of $6334806 - $3037236 = $3297570. Effectively the same as raising at 73-35=38c.
CY5 then sells the 8677817 shares back to Australian investors at the same price they paid the charity i.e. 35c to raise 8677817 x 0.35 = $3037236.
CY5 now has $3297570 from the Canadian raise plus $3037236 from the Australian raise for a total of $6334806.
So the raise was conducted at 73c, but Oz investors only had to pay 35c because other 38c came from Canadian tax relief.
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