The VWAP today was 1.7 cents. If they closed the offer today the...

The VWAP today was 1.7 cents. If they closed the offer today the SPP would be at 1.36 cents. I'm bewildered why anyone felt the need to pay 2 cents today.

I think some shareholder (particularly those with larger holdings) will eventually realize there's money to be made by selling $15,000 and buying back through the SPP. Given the dreadful balance sheet the company is highly likely to take the money so it's an easy trade.

It will only take a handful of shareholders doing exactly this to move the price lower and it's "money for old rope". That's why this is one of the most ill conceived placements I have seen. It's terrible for existing shareholders.

In my view this stock will be 1.5 cents or lower when they fix the price so the SPP will be in the 1c to 1.2c range. There was a time when the thought of a CR at 1.36 cents would have been laughed at and yet that will be a good result now.

And even if they manage to get this done at 1.36 cents, it means you can sell at 1.9 cents and make at least 40%. So those options are now very, very unlikely to be in the money come December.

Shareholders continue to bury their heads in the sand from the looks.