My sell order for 3c cleared 2 hours before the announcement (I...

My sell order for 3c cleared 2 hours before the announcement (I was selling down to lock in some profit but without selling out). If I had known about the SPP then I would have sold more of course but am grateful to get what I did.
It was obvious that the company would need to raise more capital to progress the mine and begin producing product and now we know the mechanism and the timing. I think by using a SPP with options they are giving their long patient shareholders proper consideration (and I do not resent the managers as shareholders benefiting either). To raise capital by private placement would only dilute existing shareholders and to make a renounceable rights issue would of course cost them highly for underwriting fees. A SPP rather than a non-renounceable rights issue gives the shareholders more flexibility. Some will go overweight and some will go underweight whereas a rights issue imposes a limit on each shareholder.
I agree that it would be more helpful if some indication of the limit on capital raising had been given.

I think that I will buy back the shares that I sold and keep the options as bottom drawer material.
It is pretty normal for the share price to retreat near to the offer price in these situations for companies such as this, although to go 10% below the SPP price is a bit extreme and so may give an indication as to the uptake.