The price of a CR can be determined in many different ways....

The price of a CR can be determined in many different ways. VWAPs are often used.

Here are the VWAPs for the last two weeks, plus the running VWAPs for that period. What that means is if the SP was at the VWAP of the last three days it would be set at 9.66c. You can see that using the last couple of weeks backwards looking VWAPs - the raise could be above 9c - because of Wednesdays massive volume at a high VWAP. Provided this day is included in the VWAP. However, if say it was based on last weeks VWAP, it would be only 7.18c - this sort of "timing" is not common.  If it goes further back than the last two weeks, it will lessen each extra day. I haven't done those calculations as yet. Still working on it

Note the last CR was using a 20 day VWAP:

"Nuheara raises A$6.0 million at $0.095 per share, representing the 20-day VWAP - ASX 8th June 2018"

Last 9 days VWAPs:

My expectation is that the deal:

• has already been completed
• will be to a fund or other large group
• will NOT be open to shareholders

I base this on the previous raising to Farjoy, as I suspect that APP has managed this placement like the last.

Given that at expected levels of spending cash was needed before the end of Q1 next year, a raising was to be expected at some point. Going a bit early could indicate a need for more/earlier capital, which would probably be for increased levels of production.

The last week or two have been very messy in terms of SP movement etc. I hope that its been done in this way in the best interests of the company. As a long term shareholder, that is then in my best interest. The market is a tough place.

20 Day VWAP to follow ...