Ann: Share Purchase Plan Closes Oversubscribed, page-13

I'm no expert with ASX listing rules but I dont see how this is misleading. The 174,080,704 was the maximum amount of shares they could issue under the offer. Probably along the lines of a max of 15% (or some other amount) of current number of shares, without needing shareholder approval...etc etc. The $1m was their worst case scenario given it was underwritten and therefore formed their base line 'target' amount. I dont know what their real target amount was but I'm pretty sure that even the most optimistic board would have expected over $12m to be raised just now.

Magmag, the shares to be raised were not unlimited and as mentioned, were to be a maximum of 174,080,704. They never said that they were only going to raise $2m. It's all detailed in the announcements.

The smart money sold some shares last week and will now get their full allocation of new shares at a steep discount. Unfortunately, capital raisings can be fun and games for short term traders. Just watch what happens to the SP next week, if a significant announcement isnt forthcoming.