Good questions.I can only hazard a guess on their reasoning....

Good questions.

I can only hazard a guess on their reasoning. Perhaps it is the financial and time cost of doing a raising, they can be rather distracting.

Perhaps it is the certainty of having the offering significantly over-subscribed, as the saying goes better a bird in the hand than two in the bush. $800k was desired for the grant application they have applied for, presumably they are confident of being approved. Any surplus, whilst not necessary, is helpful to fast track projects. The question will be what they use the funds for, all in on the Energy Ink or will they use some of the funds for other purposes, eg Leviathan has EIS co-funding for drilling in 2023, perhaps they have something in mind for Cognitive Engines, etc.

Markets can at times be rather fickle so even with a good announcement it sometimes happens that a sell off occurs. With speculation growing that inflation and interest rate hikes will lead to a recession will the share price be able to hold up and/or people have the cash for a future raising.

Also, SOR has exhibited a preference for doing SPP over other forms of raisings however the ASX restrictions means that SPPs can only be subscribed for a maximum of $30k in a 12 month period. So if I get my full allotment of $20k in this offering then in the next 12 months I can only subscribe for a maximum of $10k.