Geez, I'm trying hard to like this, because the product and...

Geez, I'm trying hard to like this, because the product and capital structure seem tight, and offer enough merit for the investment and the likelihood of a stag on open.

But what really irks me, is that they're raising $6-7m and $1.2m of that is expenses for the offer, including commissions of $360-420k in addition to the joint lead manager fee and over 5m options. Then you look at something like Ecofibre, which is raising $15-20m, and its own expenses for the offer are $1.2m, despite raising 3x the funds. Offer costs for others like AN1 or Aus Industrial Minerals, which I'm not even keen on but are of a comparable raise size, are like half the amount at $600k-800k.

Can see who is getting a pretty good gig out of this, without even taking into account the salaries either