I haven't seen the term sheet, but the way these things usually work they set an upper limit. So XAM may have been looking to raise "up to $10m", but that doesn't mean they needed, or expected, $10m. If Bell Potter did their job as advisors you'd expect them to have a pretty good idea of how much participation they would get at the 5.5c price.
What's the actual wording in the term sheet?
Ann: Proposed issue of securities - XAM, page-22
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6.0¢ |
Change
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Mkt cap ! $102.9M | |||
| Open | High | Low | Value | Volume |
| 5.5¢ | 6.0¢ | 5.5¢ | $20.60K | 357.7K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 201976 | 5.7¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 6.0¢ | 1161535 | 3 |
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| XAM (ASX) Chart |