I think it is a case that the market believes what the company...

I think it is a case that the market believes what the company believes .. and that is that the shares are worth $1.05. If the company believed they were worth more then why would they have sold out at $1.05? Also the announce comes so close on the back of the placement that the market beleives it was factored into the $1.05 valuation.

It's a no win situation for WR... if the shares had surged then the placement looks clownesque. I think I'm with the market on this one .. BRM knew this news was in the pipeline yet they sold out for $1.05. Why not wait an extra couple of weeks, release the news then do a raising at $1.50? Surely they didn't need the cash that deperately?... unless they think it was worth $1.05 with the news ...