It is not the usual pathway to a capital raise to telegraph it...

It is not the usual pathway to a capital raise to telegraph it so early. However, officially there is no actual capital raise that has been announced. It is also not even a given, for instance, if the loan is not approved then the company may cease trading first.

The unfortunate situation is simply that everyone knows that capital raising is likely inevitable, due to it being a condition of the banking syndicate.

The price will be the volume-weighted average price (VWAP), as you say, from the 3 preceding days to an official announcement which I think read was expected to be late July or early August. But all this assumes A2M doesn't throw a bomb in the mix first. I still think A2M rejecting the loan would be better for holders such as yourself than the current plan.