Overall a pretty solid day, it went from about 6c at 3:30pm to a...

Overall a pretty solid day, it went from about 6c at 3:30pm to a close of 6.4c - a buyer (or two) stepped in and wiped the lines. Interesting to note that during the closing auction, there weren't many sellers coming in to match a big order of 6.4c (which was moved down from 6.7c). This tells me there is definite some buying interest above the cap raise price and that we will likely be green from here in the short term. Hopefully sellers dry up in the 6c range.

Also no SPP could be a good thing, its often the SPP that causes an overhang in the share price after a cap raise because believe it or not, retail holders look for a small arbitrage profit quite often because they have a much smaller amount to arbitrage with and won't move the market as much. Institutions who would play this arbitrage game would quickly push the price below the raise price because of the large amounts of volume they play with.

A lot of people upset about the raise, saying the mates of Gary have gotten in cheap. Some must not realise this is what happens when you buy in bulk even though its common in all types of transactions. There's a lot of misinformed people out here. The question of letting the SP run a bit and then raising is a valid one, but we are seeing this more frequently when raises are timed with news - companies need to strike when the iron is hot and not when they are drastically running out of cash and are negotiating from a desperate position - after the most recent quarterly we took a massive hit because of the cash balance - what would of the impact been if they waited until after the December quarterly (released late Jan) where they would've had sub $10M cash and would've needed it badly?