Given that in most capital raisings, the share price falls...

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?