I think that as they are really just a start-up and are likely...

I think that as they are really just a start-up and are likely to still need to raise further capital in the future, they ideally want to be able to do this at at least 2c, not something lower like at 1.5c, and thus annoy existing large shareholders/institutions who have supported them in previous capital raisings and bought in at 2c. So part of this is just "playing the game" or tactics to provide some support for the share price to facilitate easier capital raising in the future. They have to do this I think and it is just part and parcel of being a listed company, nothing more. If this was a private company and the owners were raising capital from seed investors, the owners can get their valuer or venture capital/private equity advisors to set a reasonable value of any new shares to be issued in subsequent capital raisings. They are not subject to the whims of the sharemarket where share prices go wildly up and wildly down. And thus being dependent on raising capital at a certain price that we can all see and compare to the current share price. That's just my theory, not sure if this is really how it plays out though!