Ann: Results of Share Purchase Plan, page-7

It was stated in a prior announcement that they intended to raise $3M in the SPP and shareholders have only offered $1.55M which paints the picture here... Funny they don't mention this in the announcement though... Obvious it was going to be the case when they extended the SPP period by a week to try fill it more.

Fortunately they raised more than first intended via the insto/soph raise to cover the difference so hopefully they have the funding they need to go without another cap raise for 12 months now. I do feel the share price would have been better supported if the insto/soph raise was for less and the SPP was for more as there would have been a lot less pip flipping or selling out to free carry options... But I guess they weren't confident in their existing shareholders participating to the level needed. Seems they weren't wrong to do it given the outcome of the SPP.