trading halt - cap raising, page-4

Semillon - hope I won't be eating my words but I can't see it being less than 13c which would be around the average for the past 3-mths.
This is the Facility with Baycrest:-
? Limit of A$10m based on individual tranches of up to A$500,000 each, or any such amount agreed between the parties.
? Each draw-down will be matched by an issue of ordinary shares priced at 100% of a weighted average market price formula.
? The facility provides Cleveland with the right, with no obligation, to draw down on the facility. The Company is free to assess its optimal funding sources going forward and is not bound by minimum periodic draw-downs.
? An initial 2% fee paid in Cleveland shares on the total funding commitment and a 5% commission fee for each tranche drawn.

Just based on that set-up, I ask myself why would they do a CR at LESS than the weighted average market price formula.
They still have to pay commissions etc..