At 21c the company is valued at less than AU$75m.If they aren't...

At 21c the company is valued at less than AU$75m.

If they aren't going above the 15% placement capacity, they can raise AU$11.25m.

The last CR had to drop a 31% discount to the last traded price to get away. A similar discount would see PAR raise at 14.5c.

$11.25m at 14.5c is 80,000,000 new shares.

So, we'd be adding almost 25% on top of the current shares on issue (350m to 430m), for a measly $11.25m less costs of the raise, and pulling the market cap of the company down to $62.5m in the process.

This is the very definition of kicking the can down the road. The only thing raising AU$11.25m would really achieve is to completely convince the market that we are not able to find a deal worth AU$11.25m. The SP would subsequently respond appropriately.