Very, very poor to do have to do a 25% discount for such a small...

Very, very poor to do have to do a 25% discount for such a small amount of capital. But equally ridiculous that the share price is trading there for such a small raising.

Here's how such a share capital raising should theoretically be valued, all things equal.

Value of company before raise? 117.268 million shares x $0.20 = $23.45 million market cap.

If that a fair valuation price for company....the addition of the cash raises the enterprise value of the company, but conversely the share issue diluted:

Post raise value = (117.268 million shares x $.20) + (6.667 million shares x $0.15) = $24.45 million value (based on prior close)

=> $24.45 million mkt cap / (117.268 + 6.667 million shares) = $0.197 share price vs $0.20 close allowing for increase in enterprise value and dilution effect.

Frankly anyone who didn't sell at $0.20 before this raise, but feels it is a sell <$0.197, without even considering the extra value the cash allows the company to potentially generate, is frankly mathematically inept (options a far smaller mathematical consideration, that I won't complicate the math with).