they didn't announce any thing to the market suggesting they...

they didn't announce any thing to the market suggesting they would take all that was on offer until they had banked the $3m plus that was the start of what I call a very underhanded play

Exactly. And they had the opportunity to do so when they had made an earlier announcement where they would have known they would be well over-sbscrubed. On top of that we then find a director pocketed a few bucks by selling shares the day before this important SPP announcement. Yes he used that money to then exercise shares but by this time the credibility factor in the eyes of the market was mud.

Lots of carefully worded announcements with superlatives thrown in the headings, a huge placement, MDO selling, director selling, share price rising quickly then dropping quickly, delay in announing scoping study, it all adds to credibility. They need to rebuild this and the share price will recover.