My understanding is they are intentionally raising the minimum...

My understanding is they are intentionally raising the minimum required to confirm the board's strong belief in what we are sitting on, and minimise dilution short-term.

If they can confirm what they believe, then no point raising more now as the value drivers could be enormous medium term. Could be JVs/Partnerships/Asset Sales to fund from there, and if not they may as well raise after some of the impending inflection points.

This was in one of the emails from FEG this morning and I think it sums up their thoughts:
The board believes that Far East Gold is sitting at the precipice of significant potential value creation, with the capital raised through this placement intended to fuel three separate and major milestones over the coming six months. These milestones include the Woyla Project maiden resource announcement, the commencement of the Trenggalek Project phase 1 drilling program, and confirmatory drilling on the Idenburg Project to upgrade its resource to a JORC 2012 standard - each of which individually stand as potential company makers.