The overwhelming majority of raises end up seeing the raise...

The overwhelming majority of raises end up seeing the raise price revisited - so it's likely that shareholders who felt that they were passed over may get the opportunity to buy again at ~$0.18. On the other hand there may be a catalyst to see the stock permanently re-rate above the raise price in which case I imagine that most will end up happy anyway.

It's also interesting to note the number of shares issued (21,611,111). That's just under the number of one of the performance share tranches (22,000,000). There could be a possibility that the board don't think that they are going to hit the first tranche (production and distribution of 20kgs of GQDs via offtake or commercial samples with a reputable third party) which would equate to ~$2.4m in revenue within this financial year. They may end up missing this milestone through the timing of the cash component of MOU's falling into the first quarter of next financial year.

So shareholders may end up being diluted largely within expectations but with the company ~$3.8m better off financially for it (obviously minus costs). There are of course the 6,000,000 unlisted options @ $0.30 to Hunter Capital but at least these would add a further $1.8m if converted in the future and also would be indicative of the stock trading much higher than it is now.