Unfortunately with Hashan overseeing company decisions as non exec director and also being involved in the raise as founder and manager of the investment fund that picked up 54 million shares at 2.8 cents, theres no way the story can be spun to sound reasonable.. not at a 30% discount.
The board lose credibility in my eyes over this, it shows they're willing to give one of their own/themselves shares at a huge discount when apparently no funds are needed for another 12 months, which was being mentioned in every presentation, 'fully funded until mid 2025'.
Even if the reason new funds are needed is genuine and only recently became apparent why not raise at a premium or at least at the current price? that would have made the situation seem reasonable and possibly no credibility lost.
At a 30% discount, and with one investor also being a director, theres no way for it not to feel shady.
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