What I don't understand is why they scaled back rather than...

What I don't understand is why they scaled back rather than taking all of the money. This hardly dilutes share value because the share price has been lower than 2.15 for a while and only recently got back over 2.15. It would be like adding capital into the company. They surely need money to set up the new mines and get them into operation ASAP.

I guess not many people participate because they probably bought under 2.15 already. The share price was under 2.15, then they extended the SPP by 2 weeks with a positive announcement and then it hovered between 2.20 - 2.25 into the closing date. That was hardly a tempting offer to many retail investors who did not buy under 2.15 and still held a bunch of shares at a loss.