That is a poorly disclosed placement (no mention of cost of the...

That is a poorly disclosed placement (no mention of cost of the raise anywhere?). It states 3.7mil shares issued for $185k @ at an issue price of 5c each. But it doesn't disclose there is also a fee attached of an additional issuance of 700k shares for these funds (re: the application for quotation announcement also released). So the real dilution cost of this raise is actually 4.4mil of shares issued for $185k in cash.... or the shares have been issued at a cost of 4.2c for each share (not 5c as the release states). So to get $185k in cash the company has given a ~20% discount.
This is a very basic disclosure statement that I would expect ASIC to require of every ASX listed company as part of any cap raise announcement.