yes it may account for the aggressive selling, maybe even shorting, prior to the announcement, with a few days pause to avoid an ASX/ASIC review. As the volume died around 3.6c, we can probably expect that charting target of 3C to be touched should the placement get filled.
You can’t necessarily sell the new shares, but you can sell ones you already have instead on the opening, so one way or another there is renewed pressure.
The lead manager does have a bit of a reputation in this space, and may well raise money where others before have failed. Their style is to then promote aggressively through a research report. At least we know the project is a goer, so there is a genuine story to tell. Who knows, it may do a DRO.ASX and simply run up after the placement.
