Even though only about 15 shareholders participated in the SPP, 34% of the participants in the placement were existing shareholders and possibly part of the directors and managements inner circle who KNEW what the offer price was going to be and were not limited to a fixed amount.
This was a great way for many existing shareholders with connections to acquire many shares at a hugely discounted price.....maybe that is why the amount was increased from $1 million to $3.75 million so that all the inner circle could increase their holdings.
Even though only about 15 shareholders participated in the SPP,...
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