"How much did the sophs pay for the shares that SH's didn't...

"How much did the sophs pay for the shares that SH's didn't want?" you ask.

The SH did want the shares otherwise the SPP would have been undersubscribed. How many of the shares were taken up by retail holders and by sophs under the SPP is impossible to know. All that matters now is that the combined CR was successful in raising well beyond the original target and that the company has more funds in its coffers that it had before the CR. Whilst the SP has taken the "normal" battering, hopefully, we can move on and see some much needed SP accretion that better reflects the potential of this company.

"It's all good to say demand was there but demand will always be there when the sale price is dirt cheap."

The demand was there, otherwise no money would have been raised by the placement. Either way we look at it... the shares were cheaper than before CR ann. Companies in a bear market are generally cheaper than in a bull market, true? But we all know how the lead up to cap-raising works... but no good looking back! Got to keep focused on where the company is headed - what it is has in its pipeline, how much we have in the bank to finance them and the inherent risks involved. I'm happy to know that risk-mitigation is high on SYC's agenda and that the company's pipeline is continuing to be de-risked with each and every milestone its been achieving.