That's two bollocks that the company has dropped in my...

That's two bollocks that the company has dropped in my view:
Firstly, when they didn't pull the cap-raising trigger at 60c;
Now, an entirely unnecessary discount to VWAP.

No problem with getting money in the tin. No problem with getting new investors. But the company is in a position of strength, and should not have needed to discount heavily, or provide generous options. This shows utter contempt for retail investors and more importantly, does not project strength and confidence to the broader market.

If the new investors had paid a modest premium over VWAP for their shares, it wouldn't have made a skerrick of difference to their balance sheet, but would have been immeasurably better received in the market, and would have sent strong "buy" signals to the rest of the market. In the end, their investment may have done better. Now, unless there is a truly epochal announcement in the near future, this is heading south.

Very, very poor effort, board and management of IMU.