Ann: Results of Share Purchase Plan, page-16

Not trying to defend Mike, but here is my perspective:

• saying "clearly" it "could have" done with existing shareholders or at 30c is just hindsight... market interest was not that clear at that time (especially SP was ~30c, half from the high) and I think that's why Mike even put out a video for the SPP trying to attract ppl to participate
• if we want to raise a good amount of fund and have ambitious plans, given the unclear market interest, raising fund through broker is "safer" and faster to ensure we can raise at least the big trunk of it. Fund raising via brokers/sophisticated investors have always been the preferred way by the companies, but Mike also gave retail holders an opportunity to participate at the same price
• regardless, a portion of both brokers and existing holders will flip shares for quick profit anyways