Ann: Volt to Launch Capital Raising, page-203

If Kabunga and the other director (I forget his name) wanted to put in $600,000 between them they should have completed a small placement for $1 million together with a rights issue under the same terms. They could have raised more funds at a fixed price and not put the share price at risk with this VWAP nonsense.

In my view the $600k underwriting is smoke and mirrors, another marketing strategy. As @Kyle323232 said, I'm sure they are well aware that as sub underwriters there is a very low chance they will need to write out a cheque for $300,000 each.

Something else I was thinking about in between hulahoop sessions, why did VRC only mention the estimated US$30 million CAPEX for stage 1 and not the OPEX? If they have a CAPEX amount then it stands to reason they could provide some guidance on whether they can make any money producing 20ktpa. Maybe the CAPEX looked attractive but the OPEX didn't...