I am guessing the brokers would have charged around $1.5m for...

I am guessing the brokers would have charged around $1.5m for the CR itself (I'm guessing here, but it won't be too far from that mark - always an expensive exercise, more so when the broker underwrites). We know that they (Morgans and Canaccord) paid $3.84m between them for 68.56 million shares, so if you account for a fee of $1.5m their breakeven is $2.34m on the 68.56 million shares... and that equates to 3.4 cents overall. The trick that escapes most is that they don't need to sell them all above 3.4 cents to make money - they only need to sell at an average above 3.4 cents. They can sell it down to 2 cents and probably STILL make money overall. This is why punters get edgy about overhang.

Added point of interest is that you have two brokers holding the can. They'll either collude (highly illegal) or compete. Ironically holders would probably want them to collude - a well managed exit that doesn't decimate the shareprice would be better for everyone. A competitive exit (ie what the regulators want) will not be pretty.