Ann: Share Purchase Plan and Application Form, page-45

Others have already eluded to it - but is generally in the form on scale back prior to closure.

Option 1 So if you bid $30,000 and there's a 3M in total bids for a SPP of 2M then your 30k bid would be scaled back to 20k.

Option 2 is you bid $30,000 and they close the SPP once is reaches 2M in total bids and you get full allocation

Option 3 is you bid $30,000 and there's 3M in total bids for SPP and they accept the over-subscription and raise 3M. You then get full allocation.

Hind-sight's a perfect science, if the price dropped below 25c then you wish you bid less to buy more.
Now it's humming everyone will be bidding and you wish you launched the $30,000 on the SPP to maximise what stock you can get.

I still expect there to be a little churn where people who have bid on the SPP stock, may opt to take profits and or sell their current exposure to fund the SPP allocation. With this in mind hopefully more opportunities below 30c.

Counter to that argument is there hasn't been much sell supply from the CR. I'm informed the raise itself was upper end of town and not too many flippers. Which makes sense, with the very low SOI for ITM it's not the type of company you take a large stake in if you plan to flip because the registry is tight so any major buying or selling moves the price too hard.

Under 30c could be a good buying range with most current holders happy to take more 25-30c and not really any stock flipping out from the raise at that level.

*disclosure that's where i'm parked currently but otherwise have built a decent holding, in the raise at 25c , in the SPP 25c, on market at 25c and holding my initial entries from a fair chunk higher.

SF2TH