Likely the placement shares got issued today. Then you had...

Likely the placement shares got issued today.

Then you had "sophisticated shareholders" selling for a few pips here and there and the share price got right back to the issue price of 7.5cents.

Today also a bad day on the market and overall sentiment recently has been weak.

Once 7.5cents was breached others joined the queue to sell to limit their loss.

Thought 7.5cents would have held up however not entirely surprised what happened.

The Cap Raising announcement says "APP Securities Pty Limited and Patersons Securities Limited acted as Joint Lead Managers for thePlacement"...anything with Patersons steer away with a 100ft pole.

With a lot of capital raisings there is likely some announcement to follow within a fortnight...so a chance to "buy on rumour and sell on announcement"