Ann: Share Purchase Plan Closes Oversubscribed, page-156

The one problem with your down ramp attempt to send the SP back to the expected issue price of 3.8 cents is that since the announcement of the CR the stock has already hit 3.8 cents on the 12th and 14th Feb.
So even if your theory is correct it has already happened.
If the sophisticated holders don't take up any of the offer then yes it may well go back to 3.8 cents or below but if they do take up the offer the SP should rise from here.

The SP of a company generally goes down when a CR is announced but normally bounces once the CR is complete.

Either way it should be a very interesting day today.
Personally I think there should be a trading halt until an announcement is made about how much stock was placed with the sophisticated investors or the down rampers will have a field day spooking nervous holders into selling part or all of their holdings.