Very unlikely its for retail investors. Its too much to raise in one go in the time available, and too much at the current share price which is artificially low because of all the concerns around what the placement will do to the share price. Its a kinda catch 22. The share price is low because of worries about the placement, and if the placement is done at a discount to the current share price to attract investors then it will indeed drive the share price even lower.
I'm assuming they have already arranged a substantial placement with cornerstone investors and that will be revealed at the appropriate time. Certainly DEG have always flagged they have confidence in raising the funds when needed. But I'm hoping it will be announced soon, as the deal also involved issuing $3 mill of shares and the dilution that will cause will obviously be a lot worst at 8c per share than at 15c per share.
With these things though, they usually also offer a rights issue with attached options to current holders as both a sweetener to the punters who have otherwise been diluted by the placement and have otherwise missed out on being offered shares at below-market price that was given in the deal with the big boys in the initial placement, and also as a way of getting extra funding for further drilling.
Whichever way it goes, they do need to get cracking though, as any big placement will need to be ratified by a special meeting of holders before the funds are due for Indee.
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