The Trading Halt announcement said its pending the announcement...

The Trading Halt announcement said its pending the announcement about "the outcome of" the capital raising.

I assume this means it is a third party placement, rather than a rights issue (because they won't know the "outcome" of a rights issue before the offer has been made and closed). Hopefully that protects (or even boosts, if the placement is to a potential business partner, like Swisse years ago) the share price short term, pending the OTC announcement at the end of August.

Jo did say at the presentation no cap raise was required for Aqua Phase, so it does seem a little bit misleading to then announce one shortly after but I guess she couldn't comment on it before it was announced to the market.