Not sure how they are going to raise $5m from existing holders...

Not sure how they are going to raise $5m from existing holders when the last raise in April took in only $1.4m and the one before that (last year) a misery $688k.

Interesting that the raise is weighted towards existing shareholders this time $5m vs $3.5m to the SII's - whereas in the past its been weighted to the SII's - not sure if there's anything in that or not.

The only thing I was thinking is that there may be an announcement before the close of the shareholder placement (and AGM) which would encourage ("cough" reward) existing shareholders to take up the offer, and hence the weighting to existing shareholders.

But if there is a pending announcement, why not wait and raise after that ???
- perhaps they are thinking get the raise out of the way (and "cough" reward existing shareholders) and with the announcement the shareprice can run naturally without the threat of raise hanging over its head.
- also this would probably allow the option conversion in May25 to be in the money if the raise is done now and the shareprice can run on announcements unhampered - so pick up another what $6m with the option conversion next year.

The thing is the company would have needed money in the coming months anyway ... so maybe there is something in doing it now ... especially if it allows the options to be in the money next year