Agree with your "opaque" remark. The announcement doesn't...

Agree with your "opaque" remark. The announcement doesn't explain who the placement was made to, or what the circumstances were, such as a date.

As to why they made this placement when they were getting 20c a share from the Dubai types, I would guess that it was a desperate placement made before the larger raising, or that it was some sort of inducement to the participant in the larger raising.

It was a ridiculous price to issue at, if they had any room to manoeuvre, because the price only descended to 15c at intraday lows on 2 consecutive days. It never went below that, and there would have been very few shares that changed hands at that price.

The price is equal to the cheapest sale of the shares going back over more than 2 years.

The price of 15c would not be close to any discounted volume weighted average price calculation using price data drawn from a few weeks before the placement. They must have been desperate to settle at 15c, and that's the most benign explanation I can think of.