My understanding is that only those who take up their full...

My understanding is that only those who take up their full entitlement can later apply for additional shares from a pool of those not taken up by other eligible shareholders. People who are willing to take risks now to support the company will be rewarded with cheap shares later when it’s de-risked. That sounds fair enough to me unless someone with insider knowledge about the Finance bought shares between announcement of the capital raising and Record Date for determining Entitlements (Friday, 15 July 2022).

Entitlement Offer (Page 2)

The Entitlement Offer will include a top up facility under which eligible shareholders who take up their full entitlement will have the opportunity to apply for additional shares from a pool of those not taken up by other eligible shareholders (Top Up Facility). In addition to the Top Up Facility, there will also be a general shortfall offer pursuant to which the Company may place any shares to non-eligible shareholders within three (3) months from the closing date of the Entitlement Offer.