Depends on the specifics of the placement and what sort of the...

Depends on the specifics of the placement and what sort of the mood the market is in (varies considerably these days).

A back of the envelope theoretical ex-placement calculation (with emphasis on the theoretical) using a $1.63 pre-placement share price with 146m existing shares on issue (rounded and excludes performance shares, etc) and assuming a placement of 21.5m new shares at $1.30 per share ($27.95m) and no bonus options, etc being issued with the placement produces a theoretical ex-placement share price share of $1.5875 (rounded).

Not that dilutive really for existing shareholders (again emphasis on the theoretical - the market may react differently of course) but the new investor makes an automatic theoretical paper gain of $0.2875 per share or 22.1% on their investment. Lucky them. Anyway, Recce post-placement will have circa $30m in the bank which it needs.

Unless there is a 'surprise' in the conditions or terms of the placement that differs substantively and adversely from the assumptions made above, then it looks to be a positive result for Recce's shareholders.

Recce of course has to deliver in the clinical setting which will take quite some time and will require a very sizeable investment with associated risks, but a major insto's support when the company is technically still at the pre-clinical stage is quite a coup.