Ann: Incannex Undertakes A$13 Million Institutional Placement, page-53

The thing is IHL's success is dependent on how their clinical trials go/conversations with FDA go

As much as we love having a consortium/sophisticated investor involved, I can't see how they will be able to influence the above

Sounds to me like this group just wanted to take a punt on IHL and didn't want to buy on market

IHL wanted to shore up their cash reserves a bit in case they need more capital in the next year or two and the SP continues to tank