Ann: US$14m Loan Facility Approved & Firm Bids for Placement, page-30

"Looks like CR participants are happy to take profits"

It also looks like others are happy to buy above the cr price.

Those cr participants took a risk that you have not been prepared to do. That is, buying large parcels of stock with no funding approved at the time of the cr. Their offer to buy helped alleviate the very low cash problem that the company had that you were warning about.
It's easy to be critical of a cr at a discount but participants are taking risks often with quantities of stock that would be difficult to sell on market if something when wrong - eg if the IDC loan had not been approved.