It looks to me that firstly Tranche 3 is further broken into 3 tranches.
The pricing of Tranche 1 will be determined 2 months after payment based on a 5% discount to the avg 5 day VWAP over the 20 days prior to issue. There is a floor price of 12c but no cap on the upside.
So calls of 17c by the trolls are premature and there is every possibility that the raise will occur at a much higher price given the progression of the company. This is why there is also the relevant clause about rounding down to the nearest cent if the raise price exceeds 50c.
The company can repay the funds plus 5% if they do not wish to proceed with the share issue - I assume in case they get a better offer or it doesn't get approved etc.
Lots of good news for holders!
GLTAH
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