ann to raise up to 4 mill, page-12

"The majority of the raising is also done via the rights issue".

There's no guarantee of that as the rights issue is not underwritten and typically participation is not that great... With most of the placement money going to the acquisition you hope Canaccord can perform and get the shortfall shares away. 3M oppies a nice kicker for them on top of the fee.

Having a meeting for $200k from the directors seems a bit of a waste, could have had the free attaching options to the placement approved at the meeting allowing a larger placement amount to be banked, as opposed to wasting the 15% on free options. Perhaps there wasn't much interest from sophs. Alternatively, the directors could have partially underwritten the offer.

At least the options are priced positively, if they get exercised you know the company has succeeded! Just not sure whether it helps much in encouraging the participation needed.