As a number of posters have noted the share price appears to be...

As a number of posters have noted the share price appears to be being held down. At the moment there are lots of small trades holding it down at 20 cents, the issue price of the capital raising.
This capital raising although only 16 million in comparison to the market capital of the company is very large. The market capital is 85 million so a capital raise of 16 million is 16 % of the company.

In term of future funding they are looking at an equity partner of 10-15% of the company for say approximately 100-150 million. If a company is anticipating being an equity partner this capital raising is ideal time to get as many shares as possible. While we have no definite idea of a) whether the shares are being held down and if so by who, it is possible that this is being held down by those that would like to purchase as many shares as possible.

At a share price of 20cents or possibly lower it is likely to affect the number of share holders who will participate in the capital raise. If the shares are not all allocated the excess will be available to shareholders. I do think there is a game being played here by larger players than myself. I think 20 cents is a bargain.