You don't want to be raising too much money at these levels to...

You don't want to be raising too much money at these levels to risk dilution more like it.
The board is obviously well connected with the underwriter and has guaranteed them that the top holders will take any shares that aren't taken up, I don't think it's very common for an underwriter to agree to a price that the market was under just a week ago without some agreements being made first.

Today with the bids at 7c/7.2c it is obvious our major holders are attempting to soak up any remaining retail holders, of which there are likely probably only 400 or so left.
How often do you see bids 15% higher then an upcoming rights issue? You don't, the simple fact that any holder now could sell 20% of their holdings at 7c and simply buy them back at 6c come the rights issue tells you a lot. Someone wants the shares and doesn't mind paying the extra.

In retrospect it was foolish to believe that raising with mawson west was ever going to go through, our top holders have spent millions getting the project this far and spent a lot more on their issued shares then the 6.5c proposed. My guess is the Mcsweeney/Mohammed relationship fell out badly after he pulled the underwriting and the mawson west test was just a last ditched effort to get the funding from elsewhere instead of giving it to the malay's, and I reckon our top holders told Mawson where to shove it, after all it's not that our holders don't have the money needed themselves.

Participate in the rights issues from here on and you get the same slice of the pie as our major holders who obviously intend to now move the project along.

Time to move on.