Ann: Institutional Placement to Underwrite Growth Strategy, page-43

I look forward to clarification from the company. From where I sit that $5M is just for the initial shares... so that your 28.5c, and the additional $3M is for additional shares they can get for either 30c (no discount given) or above/below amounts given.

as the announcement stated, first two pars:

First Graphene Ltd (ASX:FGR) (First Graphene or the Company) is pleased to
announce that it has entered into a Share Placement Agreement (the Agreement)
with the institutional investor Specialty Materials Investments, LLC (the Investor).
The Agreement secures a funding of $8,000,000 for the Company, as set out
below.
The placement will be made by way of the Investor prepaying a lump sum of
$5,000,000 for $5,300,000 worth of the Company’s ordinary shares (Placement
Shares). Additionally, the Company will have the option (but no obligation) to
require the Investor to subscribe for an additional $3,180,000 worth of Placement
Shares on payment of $3,000,000 in subscription proceeds.