It has been my experience that placements are described as over subscribed when the funding target is met. Even 1 share above the target qualifies. If demand is strong the oversubscription is generally partly accepted and announced as oversubscribed, all good PR.
The target of $10m seems likely, one of the sophisticated investors that got the offer email could confirm the number.
Ann: Placement to fund Hydrogen Initiatives, page-16
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