Ann: Share Purchase Plan and Application Form, page-44

Below is what's from the anns, which gives the firm great flexibility to pick and choose... it doesn't say definitely not first in first served (option 1 to close early). Guess it will be up to Mike to decide depending on how much fund he receives and then evaluate the options. My guess is option 3 > option 2> option 1 if the goal is to make the full use of the CP. If he wants to balance between the fund raising amount and dilution, then maybe option 1 or 2.

The SPP is targeting to raise up to $2 million. If the total demand for the SPP exceeds $2 million, then the Company reserves the right to close the SPP early and/or scale back applications or to increase the amount raised under the Plan (subject to the maximum permitted under the ASX Listing Rules).