Ann: SBW receives commitments of A$1,365,000 in placement, page-6

Jumbie, summarized very nicely,

We have to bare in mind this is not a pre revenue business for both divisions at this stage. All funds raised are being deployed for increasing capacity and driving further growth through prudent capital management. Like you said, I would rather a business set a budget with realistic targets raise accordingly to those targets and then execute.
Fast forward 12 months if all targets are met the share price would reflect this and then you can go go back to market to raise to strategically accelerate growth while minimizing dilution. I can't imagine management grew a business for the last 20 years for them to just dilute themselves aimlessly hence the cautious approach towards capital raising.
Existing managements pay day is actually from selling their products if you refer to their performance incentives/shares their issue are all based on unit sales into different geographical locations. I expect once those performance based targets are hit you'll find a a reweighting of strategy from heavy on the execution on commercialization to how do we get this business valued appropriately by the market so they can finally reap what they have sowed.
What you'll find this raise will also show us though and also show management is their own ability to facilitate a raise through their contacts and existing shareholder base without giving up too much brokers while executing on their growth plans for one of their divisions.

Should be an exciting 12 months.