Based on your numbers, I think it's a good raising overall for the following reasons:
1. Placement $2mln provides immediate cash mitigating the risk of SPP falling through. 2. No gap between placement price and first option price means that for placement shareholders to make a profit they need to lift the share price above option exercise price, which means more money from options. Dilutive but gives more of a runway for development.
I reckon it will bumble along between 1.5-1.9c for the foreseeable future.
No one likes dilution but could have been much worse.
BLG Price at posting:
1.6¢ Sentiment: None Disclosure: Held
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