Ann: Quantum secures funding through placement of shares, page-2

Can't figure out why it was oversubscribed lol
"Quantum secures funding through placement of shares
Quantum Resources Limited (ASX: QUR) (the Company or Quantum) is pleased to announce
that it has entered into binding share subscription agreements with a number of sophisticated
investors to raise $104,267 through the issue of 80,205,482 ordinary shares in Quantum at
$0.0013 per ordinary share (Placement).
The Placement, which was heavily oversubscribed, will be made under Quantum’s existing
capacity to issue shares pursuant to ASX Listing Rule 7.1. The Board expects to complete the
issue of the 80,205,482 Placement shares shortly, and will apply to ASX for quotation of the
Placement shares in an Appendix 3B upon the settlement of the Placement. Funds raised under
the Placement will be used to meet Quantum’s working capital requirements.
As shareholders are aware, the Company has recently undergone organisational changes at
Board and management levels; these changes have been implemented with the objective of
better positioning the Company and its newly comprised Board to address its strategy of
identifying suitable business opportunities for Quantum in order to create value for its
shareholders. The Board looks forward to providing further updates to shareholders as and when
appropriate.