Ann: Notice of Annual General Meeting, page-14

Given that in most capital raisings, the share price falls accordingly and would result in the SP being around 2.8c versus current price 3.7c

10% share placement
585588518 x 3.7c = MC currently $21.67m
585588518 + 10% = 644147369 x 2.8c = New MC $18.04m

A 10% placement would raise $1.64m and devalue the company by over $3.5m. A 25% share placement would be far worse.
What could possibly be the point of such an exercise? This amount is barely enough for the typical pig trough exercise. There must be a better way to resurrect this company. Surely the last few months of production have amounted to something. To revalue this company at around $18m through a share price dilution cannot be the answer. The plant is probably worth that as scrap. Management this is ridiculous. Are you that desperate?